Oil Prices Surge, Brent Inches Close to $110 Per Barrel
Oil prices surged on Tuesday with international benchmark Brent crude hovering near $110 a barrel as Houthi forces claim fresh attacks on Saudi facilities.
The market reacted sharply to concerns about a possible escalation of the Middle East conflict, keeping oil supply risks in focus. International benchmark Brent crude futures for December delivery rose 0.28% to $109.86 a barrel, compared with the previous close of $109.55.
US benchmark West Texas Intermediate (WTI) crude futures for December delivery gained 0.09% to $98.63 a barrel, up from $98.54 at the previous close. Yemen’s Houthi group claimed on Monday that it had carried out attacks targeting Saudi facilities.
In a statement posted on Telegram, Houthi spokesman Yahya Saree said the group had targeted the Shaybah oil field, King Khalid International Airport in Riyadh and Abha International Airport.
The claims added to concerns over the security of regional energy infrastructure and the potential for further disruptions to global oil supplies. However, the claims alone do not establish whether the facilities were hit or whether oil production or exports were affected.
Last week, Yemen’s Houthi rebels said they would continue targeting Saudi airports and oil facilities in the coming days, after claiming similar attacks.
In a statement, Yahya Saree, military spokesman of the Houthis, said the group carried out a military operation targeting Aramco facilities in Dhahran, in Saudi Arabia’s Eastern Province, an Aramco refinery in Riyadh, and King Khalid International Airport.
Saree said the group would continue its operations against Saudi airports and oil facilities in the coming days, warning of “severe consequences” for the kingdom.
He also called on international shipping companies and workers at the targeted airports and facilities to “stay away” from the sites, declaring them “legitimate targets” for the group.
The statement came as the Saudi-led coalition in Yemen said on Wednesday it intercepted and destroyed a ballistic missile launched by the Houthis toward Riyadh.
Warning alerts had also been activated in the Saudi capital and nearby Al-Kharj governorate before Saudi Civil Defense authorities announced that the danger had passed.
Witnesses reported hearing four explosions in Riyadh after the alerts. Saudi authorities said four people had been injured and 15 houses had sustained minor damage after debris from two intercepted cruise missiles fell in Riyadh on Tuesday.
Saudi Arabia has led a military coalition supporting Yemen’s internationally recognised government against the Houthis since 2015. The group has controlled Sanaa and several other provinces since 2014. The current escalation began in July after a 2022 truce collapsed.
Meanwhile, statements by Israeli Prime Minister Benjamin Netanyahu and US President Donald Trump added to uncertainty over the possibility of renewed military action against Iran.
Netanyahu hinted at further action against Iran in a video posted on X following a phone call with Trump. At a campaign rally in Alaska last Tuesday, Trump also signalled possible further action against Tehran, saying, “Wait till you see what we do to Iran. We’re going to do a number.”
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