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Oil prices climbed on Monday as renewed Houthi missile and drone attacks on Saudi Arabia’s capital, Riyadh, intensified concerns over escalating Middle East tensions and potential risks to regional energy supplies.
Brent crude futures gained 81 cents, or 0.78%, to $104.68 per barrel by 2202 GMT. U.S. West Texas Intermediate (WTI) crude rose 76 cents, or 0.76%, to $101.06 a barrel.
The latest gains followed strikes launched by Yemen’s Iran-backed Houthis against Riyadh on Saturday. The attacks added another layer of geopolitical uncertainty to an already volatile Middle East, keeping traders focused on the possibility of further disruptions to oil production, shipping routes and energy infrastructure.
Saudi Arabia is one of the world’s leading crude exporters, meaning any escalation involving the kingdom can quickly increase the geopolitical risk premium in global oil markets. Traders have remained particularly sensitive to developments that could threaten Gulf energy facilities or key maritime routes used to transport crude and refined products.
Oil prices are also being supported by the continuing stalemate between the United States and Iran. With no clear diplomatic breakthrough, investors remain cautious about the possibility of additional military escalation and its potential impact on crude flows from the region.
The Middle East remains crucial to global energy markets, and prolonged instability could keep Brent and WTI prices elevated. Any disruption affecting Saudi oil infrastructure or major shipping corridors could tighten supplies and increase volatility across crude markets.
For now, investors are closely monitoring developments involving Saudi Arabia, the Houthis, Iran and the United States for signs that the conflict could broaden further. The latest attack on Riyadh has reinforced concerns that geopolitical risks will remain a major driver of oil prices in the near term.
