Crude oil prices increased on Friday, recovering from early losses as traders rushed to buy after a missile attack on a storage facility owned by Saudi Arabia's state-run oil company, Aramco.

Brent crude LCOc1 was up USD1.20, or 0.7 percent, to USD119.92 a barrel, while WTI crude CLc1 was up USD1.04, or 0.9 percent, to USD113.34 a barrel. Both had previously declined by more than USD3. Both benchmarks were set to gain for the first time in three weeks. Brent was expected to gain 10 percent this week, while WTI was expected to rise 8 percent.

Witnesses reported seeing a massive plume of black smoke rising in Jeddah, where oil giant Aramco has multiple oil facilities. 

Yemen's Houthis fired missiles and drones against Aramco facilities in Jeddah, according to a military official, adding that the assaults targeted the Ras Tanura and Rabigh refineries.  "We're seeing turbulence in Russia and Ukraine, and now we're seeing it again in Saudi Arabia, and no one wants to be short oil right now," said Dennis Kissler, Senior Vice President of Trading at BOK Financial.

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