By Barani Krishnan

Investing.com — The missile strike on a Saudi Arabian storage facility in Jeddah caused crude oil prices to rise more than 1%. This was a reverse of a drop in price of 2% from the previous day, and the best weekly gain for the market since the Russian invasion.

Yemeni Houthi rebels appeared to be behind the attack, with a spokesperson for the group saying it “would be announcing more details on a wide operation in Saudi Arabia” later in the day.

TwitterIt was filled with images of huge black smoke rising from Jeddah. This is the second-largest city in Saudi after capital Riyadh. Aramco (SE) owns several of these facilities.

“It’s the last thing we need in a tight market situation like this but I guess oil bulls can thank the Houthis for sending crude back to $120 levels before the weekend,” said John Kilduff, partner at New York energy hedge fund Again Capital.

​​London-traded , the global benchmark for oil, settled up $1.62, or 1.4%, at $120.65 per barrel. This oil index had fallen by more than 2% in the previous session, hitting a record low of $115.21.

Brent rose 11.8% for the week after taking into account other price rises on Monday, Wednesday. It was Brent’s biggest weekly gain since the 20% rally in the week that marked the start of Russia’s Feb. 24 invasion of Ukraine.

U.S. crude’s , or WTI, benchmark settled up $1.56, or 1.4%, at $113.90. WTI fell to $108.77 from earlier. US crude was up 8.8% during the week.

Crude prices fell earlier on the easing of some supply concerns on the European market, particularly the partial export resumption from Kazakhstan’s CPC crude terminal that Russia’s energy minister said on Wednesday might be out for two months due to storm damages.

Prices were also affected earlier by a coordinated release of crude oil from the United States’ emergency reserves and other consuming nations. Reports suggest that over 30 million barrels could be imported from the United States to reduce the country’s current oil shortage, which was exacerbated by the prolonged Russian-Ukraine conflict.