Oil Prices Rise Following Houthi Claims of Attacks on Saudi Facilities

Brent crude oil prices have increased following claims by Yemen's Houthi rebels of successful attacks on facilities belonging to Saudi Arabia's state-run energy company, Aramco. On Thursday, Brent crude rose more than 3 percent, reaching above $106.50 a barrel, with earlier peaks exceeding $108. As of 02:00 GMT on Friday, prices eased slightly to $105.77 a barrel. The Houthis reported missile and drone strikes on a 'sensitive target' in Riyadh and Aramco facilities in Yanbu, claiming both operations were successful. Saudi-led coalition forces stated they intercepted six ballistic missiles aimed at the kingdom, but Saudi authorities have not confirmed any damage or casualties. Aramco, which accounts for approximately 10 percent of global oil demand, did not respond to inquiries outside of regular business hours. This escalation in violence occurs amid renewed diplomatic efforts between the US and Iran to resolve ongoing conflicts, particularly during the UN General Assembly in New York. Tim Waterer, chief market analyst at KCM Trade, noted that current oil price levels reflect vulnerabilities in critical supply routes and facilities. June Goh, a senior oil market analyst at Sparta Commodities, indicated that oil prices are likely to remain above $100 a barrel as long as the conflict continues without a clear resolution.