Oil prices rose on Monday following missile and drone attacks by Yemen's Iran-backed Houthi group on key Saudi Aramco facilities in Riyadh and Khurais. The strikes have raised immediate concerns regarding production stability from the region’s top petroleum exporter.
Brent crude futures climbed 81 cents or 0.79%, to $103.06 a barrel by 2202 GMT. Meanwhile the US West Texas Intermediate (WTI) crude gained 46 cents or 0.50% reaching $91.57 a barrel.
Market analysts attribute the price increase directly to supply security fears as recurring escalation in the Middle East poses a continuous risk to global energy supplies. Saudi Aramco has not yet released an official statement regarding the extent of any operational damage.
