Oil Prices Jump After Houthi Strikes and Iranian Shipping Attacks

On Thursday, the continued Houthi attacks on Saudi energy targets prompted a jump in oil prices, driving Brent futures upwards to nearly $113 by the market close in New York.

In an already-tight global supply situation, Saudi Arabia's energy ministry reported Wednesday that air defenses had intercepted a drone at the Shaybah oil field, located in the shifting dunes of the Empty Quarter. The unmanned aircraft had attempted to strike a processing facility at the processing plant. It was shot down outside of the perimeter fence, the ministry said, but debris hit a vehicle belonging to a contractor. One Philippine national and one Nepali national were killed, and two other workers - one Pakistani and one Indian - were injured, the ministry said.

Two others were killed in a parallel attack on King Fahd International Airport in Dammam, a frequent target of Houthi strikes.

"These treacherous attacks reflect the terrorist Houthi militia's persistence in continuing its criminal approach of targeting civilians and vital facilities," said Jasem Mohamed Albudaiwi, Secretary General of the Gulf Cooperation Council (GCC) in a statement.

This story was originally published by The Maritime Executive. Read the full story at The Maritime Executive →