Brent Oil Nears Triple Digits Amid Saudi Facility Attacks

Brent oil prices surged near US$100 per barrel on Tuesday after Saudi Arabia said operations at several energy facilities in its south were halted by attacks. The global benchmark was just shy of triple figures, having rallied last week due to a flare-up in Middle East hostilities and increased buying from China.

The state-run Saudi Press Agency reported that the strikes took place on Tuesday and injured multiple people. Iran-backed Houthi militants claimed responsibility for targeting the Jazan refinery and facilities serving the domestic market, which has a daily capacity of 400,000 barrels.

Goldman Sachs analysts, including Daan Struyven, said markets are pricing in a prolonged Middle East conflict, modestly raising their oil-price estimates. They assume shipping disruptions will persist into 2027, with risks to their forecast tilted to the upside.