Oil prices up after new strikes on Saudi infrastructure
Summary
Oil prices rose by more than 4 percent after Yemeni militants called Houthis attacked Saudi Arabia’s infrastructure and ships. One important oil pipeline was damaged and will be out of service for several weeks, causing concern in global oil markets.Key Facts
- The Houthi group launched strikes on Saudi Arabia’s oil infrastructure and ships.
- These attacks caused a key pipeline in Saudi Arabia to stop working for weeks.
- Brent crude oil price, a global standard, reached $105.66 per barrel on Monday.
- West Texas Intermediate (WTI), the U.S. oil price benchmark, also increased after the attacks.
- The attacks affected the supply of oil, leading to a rise in prices worldwide.
- Saudi Arabia is a major oil producer, so damage to its infrastructure impacts global markets.
- The situation is related to ongoing conflict in Yemen, where the Houthis operate.
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