Oil traded near $114 a barrel on Oct. 23 as attacks on Saudi Arabia raised concerns over energy supplies, while gold headed for its steepest weekly decline since June.
Brent crude futures rose about 0.7 percent to $113.93 in morning trading. The global benchmark had gained 4 percent on Oct. 22 to settle at $113.17, its highest close since May.
U.S. West Texas Intermediate crude ended that session 2.4 percent higher at $99.47.
The gains followed further attacks by Yemen’s Iran-aligned Houthis on Saudi energy and transport facilities.
Washington ordered nonessential U.S. government employees and their families to leave Saudi Arabia because of deteriorating security conditions.
Saudi Aramco also instructed employees to leave its headquarters in Dhahran and work remotely, Reuters reported on Oct. 22, citing people familiar with the decision.
Reports of preparations for possible renewed U.S. strikes on Iran added to concerns over supplies from the region.
PVM Oil analyst Tamas Varga said attacks on shipping in the Strait of Hormuz and Saudi oil infrastructure were outweighing signs of recovering Middle Eastern crude exports.
Gold, meanwhile, remained under pressure as higher energy costs fueled inflation concerns and expectations that U.S. interest rates would stay elevated.
Spot gold fell 0.2 percent to $4,016.27 an ounce in early trading after touching its lowest level since July 20.
The metal was down about 3.5 percent for the week, putting it on course for its largest weekly loss since June.
Higher interest rates weigh on gold by increasing the appeal of assets that pay interest, while bullion provides no yield.
Investors are now looking to the U.S. Federal Reserve’s Oct. 27–28 meeting and next week’s personal consumption expenditures inflation data for further guidance on monetary policy.
