Attack On Saudi Aramco Sites Triggers Further Surge In Oil Prices
On Monday, crude oil prices surged following an attack by Houthi rebels on various Saudi Aramco oil and gas sites, resulting in a temporary drop in output.
The Saudi-led military coalition fighting in Yemen said that the attacks early on Sunday did not result in any casualties, though did cause damage to civilian vehicles and homes. Later on Sunday, an aerial attack struck an oil facility in the Saudi port city of Jeddah, resulting in a fire, though again without any casualties.
In addition to the attack, reports that the European Union is weighing an embargo on oil imports from Russia in line with its western allies has also pushed prices up. While EU nations had previously opposed the ban, Baltic countries have been persistent in advocating it as Russia’s unprovoked attack on Ukraine continues.
On Monday, Brent crude rose 4.5% to $112.75 per barrel, while US light crude was up 4.7% to $109.66 in electronic trading on the New York Mercantile Exchange.
