Global crude oil prices climbed on Monday, with Brent crude approaching $98 per barrel, after Saudi Aramco oil infrastructure in Jizan was hit in a fresh attack amid renewed fighting involving Yemen’s Houthi rebels.
Brent crude rose 1.30% to $97.53 per barrel, while West Texas Intermediate (WTI) gained 0.91% to $92.31, according to market data. Murban crude recorded a sharper increase of 4.36% to $107.80 per barrel.
The latest gains came after Saudi Aramco’s oil facilities in Jizan, Saudi Arabia’s closest industrial city to the Yemeni border, were attacked on Monday. The damage was still being assessed, according to people familiar with the incident.
The Houthis, who are backed by Iran, had not claimed responsibility for the latest attack at the time of reporting. However, the group has renewed its conflict with Saudi Arabia after declaring a blockade of the kingdom’s Red Sea ports in July and has launched a series of drone and missile attacks against Saudi energy infrastructure.
Jizan is home to a 400,000-barrel-per-day refinery, one of Saudi Arabia’s largest, alongside associated oil-processing and energy facilities. A similar attack last month temporarily disrupted some production, although Saudi Aramco Chief Executive Amin Nasser said the interruptions had not had a material operational or financial impact.
The Houthis have also threatened the Bab al-Mandeb Strait, a strategically important maritime passage connecting the Red Sea to the Gulf of Aden. The route has become increasingly important for Saudi oil exports after disruptions to shipping through the Strait of Hormuz.
The security situation deteriorated further over the weekend when Houthi forces launched a ground offensive along Yemen’s Red Sea coast. Fighting was reported around the port of Mocha and Taiz, with thousands of civilians reportedly fleeing their homes.
