Oil Price Hits $107 Per Barrel After Houthi Attacks On Saudi Arabia
Brent crude jumps past $107 as Gulf attacks and a Saudi pipeline shutdown stoke global oil supply fears
Oil Price – (Special Correspondent/Web Desk) – The oil price $107 per barrel mark was reached on Monday as fresh attacks in the Middle East pushed crude prices sharply higher. Brent crude climbed nearly 3% after new Houthi strikes hit Saudi Arabia and separate attacks damaged ships near Iran.
The trouble started when Saudi state media showed footage of damage in the southern Jazan province, which officials blamed on a Houthi strike. The group also claimed it hit a military base nearby.
Things got worse at sea too. A ship in the Strait of Hormuz caught fire after being hit by a projectile, forcing the crew to evacuate. Iran said a similar attack on one of its own vessels left one person dead and four hurt.
All this comes right after a major Saudi oil pipeline was shut down by a drone strike. That pipeline normally helps Saudi Arabia move oil without relying on the risky Strait of Hormuz, so its closure alone threatens a big chunk of world oil supply.
Adding to the pressure, Houthi fighters have also moved closer to controlling another key shipping route nearby. With so many supply routes now at risk, analysts warn prices could keep climbing unless talks in Oman lead to a real breakthrough soon. For now, though, those talks have already been delayed, leaving traders on edge.
[…] crisis in the Middle East keeps growing, affecting Gulf security, energy supplies, and important shipping routes that many countries depend on. Reports from Reuters have also pointed out that Pakistan is […]