Houthi Attack on Riyadh Drives Oil Prices Higher
Oil prices rose on Monday following a Houthi missile and drone attack on Saudi Arabia's capital, Riyadh. The attack has escalated tensions in the Middle East, with Brent crude futures climbing 81 cents to $104.68 a barrel and US West Texas Intermediate crude rising 76 cents to $101.06 a barrel.
The Houthi group, backed by Iran, launched the attack on Saturday, targeting sensitive sites near the airport and Aramco facilities in Riyadh. The incident has heightened concerns over global supply disruptions, with the growing threat to Saudi energy infrastructure compounded by pipeline closures and Houthi control over the Bab al-Mandab Strait.
The escalating conflict between the US and Iran, which remains in a stalemate over regional influence, is adding geopolitical risk premiums to oil markets. The situation highlights the ongoing tensions in the Middle East and its impact on global oil prices.