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Oil Prices Surge After Houthi Claims of Attacks on Saudi Facilities
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Houthi Claims Trigger Oil Price Surge
Yemen’s Houthi rebels, aligned with Iran, announced that they had launched missile and drone attacks on a “sensitive target” in Riyadh and on Saudi Aramco facilities in the Red Sea city of Yanbu. The group said both operations “achieved their objectives successfully” in a statement carried by the Houthi-run Yemen News Agency. Saudi-led coalition forces reported intercepting six ballistic missiles aimed at the kingdom, while Saudi authorities have not confirmed any damage or casualties. Within hours, Brent crude futures rose more than 3 percent, pushing the November contract above $106 per barrel.
Background: Regional Conflict and Energy Vulnerabilities
The attacks come amid heightened tensions in the Middle East, where the United States and Israel are engaged in a renewed war against Iran. Diplomatic talks to resolve the seven-month conflict are taking place on the sidelines of the United Nations General Assembly in New York. Iranian President Masoud Pezeshkian expressed hope that Washington would revive a Memorandum of Understanding on ending the war before the upcoming U.S. midterm elections.
Market Data: Brent Crude Prices
- Brent crude closed Thursday above $106.50 a barrel.
- By Friday morning in Asia, the benchmark slipped slightly to $105.77 a barrel (02:00 GMT).
- Analysts note that oil could remain above $100 a barrel while the war on Iran continues.
Official Statements & Responses
- Houthi rebels: Declared successful missile and drone strikes on Riyadh and Aramco facilities.
- Saudi-led coalition: Confirmed interception of six ballistic missiles fired by the Houthis.
- Saudi authorities: Stated they have not verified damage or casualties from the attacks.
- Saudi Aramco: Provided no comment outside of regular business hours.
- Iranian President Masoud Pezeshkian: Called for the United States to restore the expired Memorandum of Understanding on ending the war.
Verbatim Quotes
- “Relative to the post-war trend, these levels remain elevated and reflect the reality that critical supply routes and facilities are still vulnerable,” — Tim Waterer, chief market analyst at KCM Trade in Sydney, Australia
- “Diplomatic efforts on the sidelines of the UN are providing some counterweight, but until there is clearer evidence of a durable de-escalation, the upside bias remains in place,” — Tim Waterer, chief market analyst at KCM Trade in Sydney, Australia