Brent nears $98 after attacks on Saudi energy facilities

Oil prices rose on Tuesday after Iran-backed Houthi militants in Yemen attacked several energy facilities in Saudi Arabia, forcing some operations to temporarily halt.

In trading, Brent crude futures rose around 1% to settle at $97.92 a barrel after the global benchmark touched $99.46 during the session. US West Texas Intermediate crude futures climbed 1.7% to settle at $93.03 a barrel.

Oil prices have gained more than 8% in September as the United States and Iran exchanged military strikes for the first time since July.

Saudi energy sector comes under attack

Saudi Arabia’s Foreign Ministry said the Houthis targeted civilian and economic facilities in the cities of Abha, Khamis Mushait, Jazan and Najran, injuring more than 70 civilians.

The Saudi Energy Ministry said the attacks sparked fires at several energy facilities, temporarily halting operations. It added that emergency teams were working to contain the fires at the affected sites and assess the extent of the damage.

Riyadh did not disclose the nature of the energy facilities targeted in the attacks. Houthi-affiliated media, meanwhile, said the group had targeted Saudi Aramco facilities in southern regions using drones and ballistic missiles.

Saudi Arabia affirmed “its legitimate right to take all necessary measures to defend its sovereignty, protect its national assets, and safeguard the security and safety of its citizens and residents.”

Escalating attacks threaten global oil supplies

The attacks came after the US military struck three Iranian oil tankers on Saturday in response to Iranian ballistic missile attacks targeting two US Navy warships.

Iran’s Foreign Ministry condemned the attacks on the tankers, describing them as a “war crime” and an “act of economic warfare” in a statement issued on Saturday. Tehran has repeatedly targeted commercial vessels during the war.

“Hit our assets and you will be hit,” Iranian Parliament Speaker Mohammad Bagher Ghalibaf wrote in a post on X on Monday, responding to a post by US Defense Secretary Pete Hegseth saying the United States would “destroy and sink” Iranian oil tankers if Iran fired on US vessels.

In a post on Monday, US President Donald Trump said that “oil prices will drop sharply... when we win the war with Iran.”