Oil Prices Rise After Houthi Attacks on Saudi Aramco
Houthi rebels targeted Saudi Aramco facilities with missiles and drones, driving up global oil prices despite a G-7 emergency stock release.
Global oil prices rose on October 5 after Houthi rebels in Yemen claimed to have launched ballistic missiles and drones at Saudi Aramco facilities. The attacks targeted sites in the Saudi capital of Riyadh and the Khurais area, one of the kingdom's primary oil-producing regions. Brent crude futures increased to $103.06 a barrel, while U.S. West Texas Intermediate crude futures rose to $91.57 a barrel, driven by market fears of disrupted Saudi crude output.
These attacks occurred amid broader maritime instability. The UK Maritime Trade Operations reported seven strikes on vessels near the Strait of Hormuz since September 28, including an additional strike on Sunday.
In response to the volatility, G-7 economies agreed to release 100 million barrels of crude oil and fuel from emergency stocks and committed to not restricting exports to stabilize the market. It remains unclear if the Houthi strikes caused actual damage to the Aramco facilities or impacted production levels.
