Brent crude crosses $103 a barrel as missile and drone strikes reported near Saudi energy facilities fuel fears of wider disruptions in the Middle East.
Singapore, Oct 2026 : Oil prices rose on Monday after Yemen’s Iran-backed Houthi group claimed it had launched ballistic missiles and drones at Saudi Aramco facilities in Riyadh and the Khurais area, raising fresh concerns over the security of energy infrastructure in the world’s leading oil-exporting region.
Brent crude futures gained 81 cents, or 0.79 per cent, to $103.06 a barrel by 2202 GMT, while US West Texas Intermediate (WTI) crude rose 46 cents, or 0.50 per cent, to $91.57 a barrel.
The Houthis said the attacks were carried out in retaliation for 50 Saudi-led air and missile strikes on Yemen during the previous 12 hours. Saudi authorities had not immediately confirmed the reported attacks or indicated whether any oil infrastructure had been damaged.
The latest developments came amid a renewed escalation in fighting between the Houthis and Saudi-backed forces in Yemen. On Sunday, Yemen’s internationally recognised, Saudi-backed government announced a major military campaign aimed at retaking areas held by the Iran-backed Houthis.
The reported attacks have heightened concerns about the safety of Saudi Arabia’s energy infrastructure and their potential impact on global crude supplies. A day earlier, the Houthis had also claimed responsibility for a missile and drone attack targeting an Aramco facility in Riyadh.
A witness reportedly saw a large plume of smoke and fire near the facility, although there was no immediate confirmation from Saudi authorities or Saudi Aramco regarding damage or operational disruptions.
Oil prices, however, later came under pressure as signs of increased crude exports from the Middle East and plans by Group of Seven nations to release emergency reserves eased concerns about an immediate supply shortage.
The G7 is preparing to release around 100 million barrels of crude and diesel from emergency stockpiles, adding supplies to markets at a time when geopolitical tensions have raised fears of tighter availability.
Shipping data cited by Reuters showed that Middle Eastern crude exports rose above pre-war levels on four of the seven days during the final week of September. Saudi export volumes have also been moving towards pre-war levels, although shipments are reportedly taking longer and more expensive routes because of continuing security risks.
Saudi Aramco has also unexpectedly lowered its November crude prices for Asian buyers to their lowest level in six years, reflecting changing market conditions and efforts to maintain demand.
Meanwhile, OPEC+ has delayed a review concerning 2027 production quotas after the regional conflict disrupted projects intended to expand oil-production capacity.
Despite the later pressure on prices, continued attacks on energy infrastructure and shipping routes remain a major concern for global oil markets. Any prolonged disruption to Saudi production or transport routes could tighten global supplies and trigger another sharp rise in crude prices.
(Disclaimer :The content of this article is sourced from a news agency and has not been edited by the Mavericknews30 team.)
