Crude prices rose Monday as Iran-backed Houthi militants claimed attacks on Saudi Arabia and Ukraine struck oil facilities in Russia. Brent added 19 cents to $110.05 per barrel and WTI advanced $2.24 to $103.65, while Saudi Arabia postponed its Future Investment Initiative conference.
Crude prices rose Monday after Houthi militants claimed attacks on Saudi Arabia and Ukraine hit oil facilities in Russia. Brent crude futures, the international benchmark, added 19 cents to $110.05 per barrel. U.S. West Texas intermediate advanced $2.24 to $103.65 per barrel.
Houthis claim strikes on Saudi targets
The Houthis claimed Monday to have attacked King Khalid International Airport in Riyadh, Abha International Airport, Saudi Aramco facilities in Yanbu, the Shaybah oilfield and Saudi naval forces. Earlier Monday, Saudi Arabia postponed until next year its Future Investment Initiative conference, planned for four days next week, because of the escalating attacks.
The militants struck the Riyadh airport about 10 days ago, killing at least 12 and leaving hundreds injured.
Ukrainian drones hit St. Petersburg terminal
In Russia, fires broke out at an oil terminal and depot in St. Petersburg after Ukraine launched a wave of drone strikes on Sunday, Governor Alexander Beglov said in a social media post. The terminal exports about 120,000 barrels per day of refined products, mostly fuel oil, according to Kpler data, and the level of damage is unclear.
Ukraine had briefly paused strikes on Russian energy facilities after President Donald Trump declared on Oct. 11 that Kyiv and Moscow had agreed to a truce. However, Russia continued to strike Ukrainian energy infrastructure, and President Volodymyr Zelenskyy said last week that Kyiv would resume strikes on Russian facilities in retaliation.
Tankers attacked in the Persian Gulf
Meanwhile, two tankers were attacked off the coast of Saudi Arabia on Friday, according to the United Kingdom Maritime Trade Operations Centre. A small boat fired a rocket-propelled grenade at an unidentified tanker, and a projectile hit another tanker, the ST3. Iran has escalated attacks on tankers in the Persian Gulf, Strait of Hormuz and Gulf of Oman in an effort to choke off crude oil exports from the region.
Source: CNBC
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