Oil Prices Surge After Houthi Missile Hits Riyadh Airport
Brent crude oil prices exceeded $106 a barrel following Houthi attacks in Saudi Arabia and Russian strikes on Ukrainian energy facilities.
Oil prices reached their highest levels since late September on Monday, with Brent crude futures rising up to 1.8% to exceed $106 a barrel and US West Texas Intermediate climbing to approximately $93 per barrel. The surge followed a weekend missile strike by Houthi militants that hit Riyadh's airport, threatening Saudi oil infrastructure.
Geopolitical instability further pressured markets as Russian forces conducted strikes against energy facilities across Ukraine. These actions violated a previously declared energy ceasefire announced by US President Donald Trump. While Trump's earlier remarks on Russian diesel exports had provided some market optimism, the combined escalation in the Middle East and Ukraine drove prices higher.
Speaking at the WPC Energy Congress in Riyadh, Saudi Aramco CEO Amin Nasser warned that global energy markets will face mounting pressure until the Strait of Hormuz is fully reopened. Nasser noted that commercially available offshore inventories have fallen below 6 billion barrels and cautioned that replenishing these stocks to meet demand could take up to two years.
