Houthi Attack on Saudi Aramco Facilities Drives Oil Prices Higher

The price of oil surged on Monday after Yemen's Houthi group launched missile and drone attacks on key Saudi Aramco facilities in Riyadh and Khurais. The strikes have sparked concerns about the stability of oil production from the world's largest petroleum exporter, Saudi Arabia.

Brent crude futures rose by 81 cents, or 0.79%, to $103.06 per barrel by 2202 GMT. Similarly, the US West Texas Intermediate (WTI) crude gained 46 cents, or 0.50%, reaching $91.57 per barrel.

Market analysts link the price increase to fears over supply security, as ongoing tensions in the Middle East threaten global energy supplies. Saudi Aramco has yet to release an official statement on any operational damage resulting from the attacks.