Brent Crude Hits $107 After Houthi Attacks On Saudi Aramco Office Escalate Tensions
· Free Press Journal
Global crude oil prices rebounded on Wednesday after a brief decline in the previous session, as escalating attacks in the Middle East renewed concerns over disruptions to international energy supplies.
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Brent crude, the global benchmark, climbed 1.25% to $107 per barrel, while West Texas Intermediate (WTI) gained more than 1% to $95.34.
The increase followed reports of intensified Iranian attacks on commercial vessels and oil tankers in the Strait of Hormuz late on Tuesday. Houthi rebels have also been reported to attack an office of Saudi Aramco in Dhahran. Aramco is the world's biggest oil company of the world.
The developments raised concerns about safe maritime passage through the strategic waterway, which is crucial for Gulf oil exports.
Drone Strike Triggers Massive Fire At Saudi Aramco's Abqaiq Refinery; Riyadh Blames Iran-Backed GroupsRegional security risks intensified after a ballistic missile reportedly struck a Saudi Arabian headquarters complex in Dhahran on Tuesday.
The incident caused a small fire but no injuries, according to the supplied reports.
Saudi authorities also reported intercepting additional missiles launched by Iran-backed Houthi militants.
The escalating conflict has highlighted the vulnerability of energy infrastructure, including facilities associated with Saudi Arabia's oil industry.
Reports of missile attacks on Riyadh's King Khalid International Airport have further heightened regional tensions.
The Houthis claimed responsibility for the airport strike, which reportedly caused casualties and widespread injuries.
Saudi-backed forces subsequently launched operations against Houthi-controlled territory in Yemen.
Meanwhile, security threats near the Strait of Hormuz have reportedly prompted several oil supertankers to avoid entering the Persian Gulf.
Brent prices have risen more than 70% this year amid the conflict involving the United States and Iran.
Ukraine Conflict Adds To Uncertainty
Oil traders are also assessing whether additional Russian diesel supplies could ease global fuel shortages.
A reported arrangement involving US President Donald Trump and Russia could release 4.8 million metric tonnes, equivalent to approximately 36 million barrels, of diesel.
However, the proposed volume would offer only temporary relief relative to global demand.
Separately, Ukrainian President Volodymyr Zelenskyy said Russia continued attacking Ukrainian energy infrastructure despite Trump's announcement of an energy ceasefire.
The reported strikes have raised questions about the effectiveness of the proposed agreement.
Ukraine has also indicated that it would continue operations against Russia.
Together, the Middle East conflict and uncertainty surrounding Russian energy supplies are keeping crude markets sensitive to geopolitical developments.