Saudi Energy Attack Sends Oil Prices Soaring Past $99

Oil prices have risen sharply after Saudi Arabia reported an attack on its energy assets, causing temporary pauses in operations. The state-run Saudi Press Agency said the attacks were carried out by the 'terrorist' Houthis, injuring 73 civilians.

Brent, the international oil benchmark, touched $99 per barrel Tuesday, a 1% rise from mid-morning prices. U.S. crude oil rose over 2% to about $93.50 per barrel, while wholesale gas prices increased by more than 3%.

The attacks come amid ongoing tensions between Saudi Arabia and Iran, with the U.S. having struck three Iranian oil tankers last Sunday. The renewed hostilities have led to reduced traffic in the Strait of Hormuz, a critical waterway for global energy supplies.

Analysts at Goldman Sachs and HSBC warn that prices could rise further if Persian Gulf oil flows remain low. They forecast Brent could exceed $120 per barrel if diplomacy fails and Hormuz flows stay near current levels.