Houthi Attacks on Aramco Spark Oil Price Surge

Global oil prices surged following claims by Yemen’s Houthi rebels that they had launched attacks on key facilities of Saudi Aramco in Riyadh and the Khurais region. The Houthis stated the strikes involved ballistic missiles and drones, targeting the Saudi-led coalition’s operations in Yemen. They reported conducting around 50 air and missile strikes in the preceding 12 hours.

In response to the news, Brent crude prices climbed by 81 cents, or 0.79%, reaching $103.06 per barrel. Similarly, US West Texas Intermediate (WTI) crude rose by 46 cents, or 0.50%, to $91.57. However, Saudi authorities did not immediately verify the Houthi claims, leaving the situation uncertain.

Later, oil prices retreated as reports of increased oil exports from the Middle East and a G7 decision to release 100 million barrels from emergency reserves helped alleviate concerns over global supply disruptions. Aramco, the state-owned oil giant of Saudi Arabia, is among the world’s largest energy producers.