Oil Jumps as Houthi Strikes Disrupt Saudi Energy Operations
Brent crude rose 2.06% to $99 a barrel as Saudi officials said attacks halted operations at some energy facilities and wounded more than 70 people.
- 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.
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14 Articles
Analysts warn of risks of impact on the oil production infrastructure.
️Oil closes in on $100 as Middle East escalation intensifies
Brent crude has surged to around $99 per barrel, while U.S. WTI has jumped more than 3% to $94.41, as markets react to escalating attacks on energy infrastructure and continued disruption to regional shipping.The latest jump follows Yemeni attacks...
Oil prices near US$100 a barrel as Saudi oil facility attack raises supply risk
Heightened geopolitical tensions are pushing global crude benchmarks towards the critical US$100-a-barrel threshold, and investment banks have lifted their end-2026 price forecasts, dampening import appetite in China – the world’s largest net crude importer. Saudi Aramco oil installations at Jizan, home to a 400,000-barrel-per-day refinery, were attacked on Monday, the Financial Times reported, with authorities assessing the damage. Iranian-back…
Oil Jumps as Houthi Strikes Disrupt Saudi Energy Operations
Oil prices hit multi-week highs on Tuesday after Iran-backed Houthis attacked Saudi energy facilities and Tehran threatened the United States with "economic warfare".Brent crude futures LCOc1 were up $2.00, or 2.06%, at $99.00 a barrel by 0800 GMT. U.S.
Benchmark Brent crude oil prices have surged toward the $100 border peak on Tuesday. Saudi Arabia said it had suspended the operations of several of its energy facilities because of the new strikes.
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