U.S. oil tops $90 as U.S. Navy warship intercepts missiles near Yemen, Energy Dept. plans to buy oil for SPR

Oil prices moved sharply higher Thursday afternoon in electronic trading, with U.S. benchmark prices topping $90 a barrel. A rise in tensions in the Middle East led to the price climb, with reports that a U.S. Navy warship has intercepted multiple missiles near Yemen. A Pentagon press secretary told reporters that a Navy destroyer intercepted three missiles and several drones that were launched by Houthi forces in Yemen, but their target was unknown. Separately, the U.S. Energy Department said it will post monthly solicitations to buy oil for its Strategic Petroleum Reserve through at least May 2024, with the first request for up to 6 million barrels of oil for delivery in December and January. The government agency said it plans to buy oil at a price of $79 a barrel or below, which is less than the average $95 it received for 2022 emergency SPR sales. In electronic trading, the November West Texas Intermediate crude contract
CLX23,
+2.32%
was at $90.68, up from the $89.37 Nymex settlement. December Brent crude
BRNZ23,
+0.95%
was at $93.25, up from $92.38 at Thursday’s settlement.