Oil Prices Climb After Houthi Attacks Target Saudi Aramco Sites
On Monday, October 5, oil prices climbed following a claim by the Iran-backed Yemeni Houthis that they had launched ballistic missiles and drones targeting Saudi Aramco facilities in Riyadh and the Khurais area. The announcement raised fresh concerns about the stability of oil production in the Middle East, where Saudi Arabia is the largest exporter.
As of 22:02 GMT, Brent crude futures had increased by 81 cents, or 0.79%, to $103.06 per barrel. Meanwhile, U.S. West Texas Intermediate crude was up 46 cents, or 0.50%, at $91.57 per barrel. Traders are closely monitoring the potential impact of the reported attack on Saudi Arabia’s oil operations.
Market observers are also weighing other factors, including China’s fuel export restrictions, U.S. pressure on Europe to release diesel reserves, and reports of additional U.S. forces being deployed to the Middle East. Earlier, Saudi Arabia partially restarted its East-West oil pipeline after a drone attack, though restoring full capacity may take six to eight weeks.