Oil prices surge after Yemen’s missile attack on Saudi facilities

Oil prices have witnessed a sharp rise to above 70 dollars a barrel following the latest drone and ballistic missile attacks by Yemen's army and the Popular Comittees' fighters on Saudi oil facilities and military targets.

According to Press TV, Brent crude oil on Monday surged more than two percent and peaked at $71.38 a barrel, before falling back under $70 per barrel, the highest price hike since January 2020.

The significant price rise came after the Saudi Energy Ministry confirmed that a drone hit a petroleum tank farm at Ras Tanura Port, one of the world's largest oil shipping ports.

The ministry said a ballistic missile also targeted Aramco facilities in the city of Dhahran.

Brigadier General Yahya Saree, Spokesman for the Yemeni Armed Forces, earlier announced that the Yemeni army had launched eight ballistic missiles and 14 bomb-laden drones in a “wide operation in the heart of Saudi Arabia.”

Saree said the attacks hit Aramco facilities and military sites in Asir Province and the cities of Dammam and Jizan, adding that the Yemeni forces shot down a Saudi reconnaissance plane over Yemen’s Jawf Province as well.

The attacks are the most serious against Saudi oil facilities since a September 2019 operation against a key processing facility and two fields. That attack was claimed by Yemen's Ansarullah Movement, while Riyadh and Washington put the blame on Iran. Tehran has categorically rejected any involvement in the attack.

ME