Brent Crude Futures Rise After Attack on Saudi Oil Industry
Brent crude oil futures rose higher than $70 a barrel on Monday. The dramatic rise, the highest price in more than a year, reportedly came in reaction to an attack by Yemen Houthi rebels a day earlier on the heart of the Saudi Arabian oil industry.
The attacks in Sunday targeted a Saudi Aramco facility at located at the Ras Tanura export hub, the world’s largest oil terminal. The drones and rockets were intercepted, according to reports.
Crude production was not affected by the attack. Shrapnel from a ballistic missile also landed near Aramco’s residential compound in Dhahran, Al Jazeera reported.
Houthi military spokesman Yahya Sarea said the group fired 14 drones and eight ballistic missiles across the border with the kingdom in a “wide operation in the heart of Saudi Arabia,” according to the report.