Crude Oil Prices Rise in Global Markets Following Attacks on Saudi Arabia’s Energy Infrastructure

Following attacks on Saudi Arabia’s energy infrastructure, the East-West pipeline has been shut down, increasing concerns over potential disruptions to oil supply. This development led to a rise in crude oil prices in international markets on Tuesday. Efforts to reduce risks to maritime traffic in the Gulf region have also faced uncertainty amid these tensions. Brent crude prices increased by $1.37 per barrel, a 1.3 percent rise, reaching $107.05 per barrel. Similarly, the price of West Texas Intermediate (WTI) climbed $1.53, or 1.51 percent, to $102.92 per barrel. Both benchmarks had already experienced price gains exceeding one percent in the previous trading session.

On Monday, Iran-backed Houthi rebels in Yemen launched a new attack on Saudi Arabia. This escalation has raised concerns of further regional conflict amid the Gulf Arab states’ suspension of talks with Iran. The attacks are expected to impact global oil supplies. The Houthi group targeted the Khamis Mushait military airbase in southern Saudi Arabia using missiles and drones, aiming at aircraft hangars, radar systems, runways, and ammunition depots. Saudi Arabia has stated the attacks were retaliatory responses to its military operations in Yemen. This incident follows another attack on Saudi Arabia that occurred last Friday.