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Oil moves upwards on Middle East tension

Oil prices were on track for a more-than-7% jump this week, their biggest in months, as early trading on Friday saw gains extended on fresh tensions in the Middle East after a Saudi Arabian supply hub was knocked out in an attack last weekend.

Friday’s rises came after a Saudi-led coalition launched a military operation north of Yemen’s port city of Hodeidah, as the US worked with Middle East and European nations to build a coalition to deter Iranian threats after the Saudi attack.

Brent crude is on track to rise about 7.7% this week, the biggest weekly gain since January. The front-month November contract was at $64.96 a barrel, up 56c, by 2.12am GMT.

Solo Oil PLC (LON:SOLO) is an investment company with the target of acquiring a diverse global portfolio of direct and indirect interests in exploration, development and production oil and gas assets, both on-shore and off-shore.

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