Houthis Bomb Saudi Oil Facilities; Brent Nears $100

Amid escalating tensions in the Strait of Hormuz and attacks on energy facilities along Saudi Arabia's Red Sea coast, international oil prices surged close to $100 a barrel on the 8th (local time).

On this day, the closing price for Brent crude futures for November delivery on London's ICE Futures Exchange rose by $0.92 (0.95%) from the previous session to $97.92 a barrel.

Brent crude spiked as high as $99.46 a barrel during the session, marking its highest level since July 24.

The closing price for West Texas Intermediate (WTI) crude futures for October delivery on the New York Mercantile Exchange stood at $93.03 a barrel, up $1.55 (1.69%) from the previous session.

Oil prices climbed and risk-aversion sentiment heightened as risks in the Middle East resurfaced over the weekend and the U.S. Labor Day holiday.

On the 5th, after Iran's Islamic Revolutionary Guard Corps (IRGC) fired ballistic missiles at two U.S. Navy warships patrolling maritime waters, the U.S. military responded by striking three Iranian oil tankers.

In retaliation, the Revolutionary Guard claimed to have struck three oil tankers using unauthorized routes and U.S.-linked vessels, while also attacking one U.S. aircraft carrier and one destroyer with multiple ballistic missiles.

Concerns over disruptions to crude oil supplies further intensified following news that Yemen's Iran-backed Houthi rebels launched large-scale retaliatory strikes targeting facilities of the Saudi state-owned oil company Aramco and an air base.

"Oil market participants are now pricing in the possibility of more prolonged maritime shipping disruptions," said Hamad Hussain, senior economist at research firm Capital Economics.

(Photo: AP, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.