Brent oil surges $70 despite attack on Saudi Arabia’s oil facilities by Yemen’s Houthis

The international benchmark Brent oil futures popped on Monday, moving above $70 a barrel for the first time in more than a year.

The surge in oil prices came after Saudi Arabia said its oil facilities were targeted by missiles and drones on Sunday.

A Houthi military spokesman claimed responsibility for the attacks.

Moreso, oil prices climbed more than 2% earlier in the session, but have since pared their gains with Brent trading up just 0.2% at $69.50 and U.S. crude futures rising 0.2% at $66.22.

Saudi Arabia’s ministry of energy said a petroleum tank farm at one of the world’s largest oil shipping ports was attacked by a drone and a ballistic missile targeted Saudi Aramco facilities, according to state news agency SPA.

A spokesman said neither attack caused any injury or loss of life or property, but shrapnel from the intercepted missile fell near residential areas in the city of Dhahran.

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In the name of Allah, the Most Gracious, the Most Merciful

A statement by the Yemeni Armed Forces

Almighty says: "Do not be weak in pursuit of the enemy—if you are suffering, they are also suffering as you are suffering …

— Yahya Sare'e (@Yahya_Saree) March 7, 2021

“Such acts of sabotage do not only target the Kingdom of Saudi Arabia, but also the security and stability of energy supplies to the world, and therefore, the global economy,” the ministry said via state media. “They affect the security of petroleum exports, freedom of world trade, and maritime traffic.”

Yahya Sare’e, a spokesman for Yemen’s Houthis, said it carried out a “broad joint offensive operation” involving 14 drones and eight ballistic missiles.