Oil Jumps as Houthi Strikes Disrupt Saudi Energy Operations
Iran-backed Houthi strikes on Saudi energy facilities wounded over 70 and halted operations, fueling fears of escalating regional conflict and impacting global oil supply.
- On Tuesday, Brent crude futures reached $99.00 a barrel, while West Texas Intermediate crude hit $94.41, as geopolitical tensions in the Middle East drove sharp gains in energy markets.
- Tensions surged following United States strikes on Saturday against three Iranian oil tankers near Kharg Island, which prompted Iran to threaten the United States with "economic warfare" on Monday.
- Iran-Backed Houthis attacked Saudi energy facilities on Tuesday, wounding more than 70 people and halting operations at critical sites that supply the global market through the Strait of Hormuz.
- Tim Waterer, chief market analyst at KCM Trade, said "right now the risk premium is doing a lot of the heavy lifting," noting oil will remain elevated while the Strait stays contested.
- Goldman Sachs raised price forecasts for 2027, while ANZ analyst Daniel Hynes warned, "We don't expect a full return to pre-war throughput until late Q1 or early Q2 2027" amid disruptions.
49 Articles
49 Articles
Attacks by the Huthi rebels on Saudi Arabian oil plants increase the price of oil. Capital market analyst Robert Halver analyses the consequences for the economy and central banks.
Saudi Arabia's Energy Ministry said a number of energy facilities in the kingdom's southern region were targeted by Houthi attacks.
Houthi Militants Attack Saudi Energy Infrastructure
“Houthi militants in Yemen targeted energy infrastructure in Saudi Arabia, sending oil prices higher on concerns over Persian Gulf oil supplies already strained due to the Iran war,” the Wall Street Journal reports.
Brent oil was close to $100 per barrel after Saudi Arabia reported that operations at several power plants in the south of the country were suspended after being attacked. World reference oil was less than $1 from reaching the three-digit mark, after advancing last week due to the escalation of hostilities in the Middle East and the increase in China's purchases, the world's largest importer. The Saudi Press Agency reported that the attacks occu…
Brent's barrel, of reference in Europe, has exceeded $99 this morning due to bombings between Yemen's Houthis and Saudi-led coalition forces
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