Saudi Arabia intercepted drones and missiles launched by Iran-backed Houthi rebels on Sunday, targeting multiple cities including the capital Riyadh. The Saudi-led coalition in Yemen reported that two drones and a ballistic missile were destroyed as they approached Riyadh, along with 10 other ballistic missiles and a cruise missile aimed at southern regions and the city of Khamis Mushait. The Houthis claimed responsibility for seven attacks, targeting key infrastructure such as King Khalid International Airport and facilities of oil giant Saudi Aramco in Yanbu.
King Khalid International Airport resumed operations on Sunday after suspending flights on October 10 following a previous Houthi attack that killed at least 13 people and injured around 300 others. Saudi Aramco did not immediately respond to requests for comment. The ongoing conflict between Saudi Arabia and the Houthis, combined with recent remarks by U.S. President Donald Trump suggesting potential U.S.-Israeli strikes on Iran after the November 3 midterm elections, has heightened tensions in the region.
Investors are increasingly concerned about the possibility of escalated conflict, with oil prices reaching a six-month high on Friday. Brent crude futures rose 3.1% to close at $116.72 a barrel, while U.S. West Texas Intermediate gained 3.8% to settle at $103.27 a barrel. Amrita Sen, Founder and Director of Energy Aspects, noted that fears of escalation in the Middle East are growing, with many clients questioning whether U.S. strikes on Iran will occur before or after the midterm elections.