Oil set for weekly rise amid Red Sea shipping attacks, Kazakhstan output cuts

Brent crude futures settled above 100 dollars a barrel for the first time since May, gaining about 13.5 percent in the week, while WTI rose 10.9 percent. Prices were driven by Iran-aligned Houthi attacks on Saudi oil tankers in the Red Sea and fears of closure of the Bab el-Mandeb shipping route. Separately, Kazakhstan cut oil output after drone attacks forced the Caspian Pipeline Consortium terminal to close, removing around 2 percent of global daily crude supply.