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Oil rises to over US$ 120 a barrel after Yemeni rebel attack on Saudi facilities

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Smoke billows from an oil storage facility in Saudi Arabia’s Red Sea coastal city of Jeddah on Friday.

SAUDI ARABIA: Crude prices rose more than 1% to over US$ 120 a barrel on Friday, as traders reconciled the impact of a missile attack on an oil distribution facility in Saudi Arabia with a possible release of oil reserves by the United States.

Both benchmarks notched their first weekly gains in three weeks – Brent rose more than 11.5% and WTI gained 8.8% Yemen’s Houthis said they launched attacks on Saudi energy facilities on Friday and the Saudi-led coalition said Aramco’s fuel distribution station in Jeddah had been targeted by an attack, but that fire in two tanks at the facility had been brought under control. Saudi Arabia said it will not hold responsibility for any shortage of oil supplies in global markets caused by Houthi attacks on its oil facilities.

The Houthi movement that has been battling a coalition led by Saudi Arabia for seven years launched missiles on Aramco’s facilities in Jeddah and drones at Ras Tanura and Rabigh refineries, the group’s military spokesman said.

The attack comes just five days after the Houthi group fired missiles and drones at Saudi energy and water desalination facilities, causing a temporary drop in output at a refinery.

With global stockpiles at their lowest since 2014, analysts have said the market remained vulnerable to any supply shock.


Monday, March 28, 2022 – 01:00

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