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Oil nears $100 a barrel after attacks on Saudi energy facilities

Reports of attacks by Yemen’s Iran-aligned Houthis on Saudi energy operations have pushed Brent back above $98 a barrel this week and raised worries about regional production disruption.

Reported · Written up by our desk · Trade & Tariffs

Oil prices headed toward $100 a barrel after reports that Yemen’s Iran-aligned Houthis attacked energy facilities in Saudi Arabia, with Saudi authorities saying operations at some facilities were halted following the attacks. The attacks wounded more than 70 people, according to the Guardian Business and Guardian Economics coverage.

Brent crude rose back above $98 a barrel this week, its highest level since July 24, as the incidents added pressure on oil and gas production across a region already disrupted by the wider conflict. The Guardian also tied the move to broader Middle East risk as Iran warned that it may expand restrictions in the Gulf if the United States continues its economic pressure on Tehran.

The report said Iran threatened a new restricted zone in the Gulf, a scenario that could further undermine efforts to reopen the Strait of Hormuz. It added that shipping traffic through the strait has slowed, with seven commodity vessels sailing through on Monday versus eight on Sunday, compared with roughly 130 ships a day before the war began.

High energy prices are also raising inflation concerns, while gas prices in Europe moved higher. The coverage noted the month-ahead UK gas price was up about 1.0 percent to 184 pence per therm and near the prior session’s highs, when gas hit its highest level since January 2023.

Latest closeWTI crude $90.70 ▲0.5%|Brent $95.32 ▲0.7%

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