Brent crude futures rose 2.65% to $71.20 a barrel for the first time in more than a year in Asian trading hours on Monday. According to CNBC, the surge in oil prices came after Saudi Arabia oil facilities were targeted by Yemen’s missiles and drones on Sunday.
U.S crude futures also rose 2.56% to a high of $67.78
Saudi Arabia condemned the “acts of sabotage” following the attack, which can disrupt energy supplies’ stability and security to the world.
Yahya Sare’e, a spokesman for Yemen’s Houthis, admitted the “broad joint offensive operation” involving 14 drones and eight ballistic missiles.
Other military sites were also targeted with four drones and seven ballistic missiles.
Yemen’s Houthis promised painful operations to Saudi Arabia as the latter “continues its aggression and blockade of the former.
Biden’s administration last month said it would remove the Iran-backed Houthi rebels in Yemen from the Foreign Terrorist Organization and Specially Designated Global Terrorist lists.
JTD Energy Services director John Driscoll said the run in oil prices could be short lived since there was no significant damage to Saudi Arabia’s infrastructure.
Crude oil futures are currently gaining. CL! is up 1.69%
