Oil Rises to $98 Following Houthi Attacks on Saudi Facilities

Brent crude rose toward the $98-a-barrel mark after Iran-backed Houthi attacks on energy facilities in Saudi Arabia, in what is considered one of the most serious attacks on Gulf infrastructure in years.

These attacks sparked serious concerns in the markets regarding the continuity of Gulf oil supplies, as Saudi Arabia represents one of the world's primary crude suppliers, and any disruption to its production immediately casts a shadow over global markets.

In the same context, geopolitical tensions escalated in the Middle East region amid fears that attacks could extend to maritime shipping lanes, which could double pressure on global energy prices.

Market analyses indicate that the continuation of this escalation could push oil prices toward higher levels, making the trajectory of security developments in the Gulf the primary driver of energy prices in the coming period.

What do these terms mean?

Brent: The main benchmark for pricing crude oil in Europe and the Middle East, used globally to set prices for most types of oil.

Houthis: A Yemeni armed group backed by Iran that launches drone and missile attacks on Gulf targets.

Energy facilities: Sites and infrastructure designated for extracting, processing, and storing oil, representing the backbone of Gulf economies.