Saudi Strikes Push Oil Prices Towards $100 per Barrel Amid Hormuz Disruptions

Oil prices have surged towards $100 per barrel after attacks on Saudi energy facilities forced several operations to halt. The global benchmark, Brent crude, has risen over 60% this year due to supply disruptions in the Middle East and Iran war.

The latest escalation came after Houthi forces launched drones and missiles at four cities in southern Saudi Arabia, including targets linked to state oil giant Saudi Aramco. Fires broke out at several sites, injuring 73 people, including women and children.

Saudi Arabia is the largest producer in OPEC, making any disruption to its energy infrastructure particularly important for global markets. The kingdom has been using alternative export routes as shipping through the Strait of Hormuz remains constrained.