Brent Crude Surges Past $100 Following Houthi Attacks on Saudi Aramco Refinery Infrastructure

Crude oil prices reversed their recent dip, with Brent crude ticking above $100 again following reports of fresh Houthi attacks on Saudi energy infrastructure. At the time of the report, Brent crude traded at $101.49 per barrel and West Texas Intermediate changed hands for $90.14 per barrel. Saudi air transport authorities confirmed attacks on two airports, including one in Jazan which houses a 400,000-bpd Aramco refinery. Logistics out of the Persian Gulf have become extremely complicated, driving supertanker freight rates to over $1M per day, with surging costs spreading to smaller vessels. Saudi Arabia’s energy minister reported that oil flows via the Rast-West pipeline rebounded to 5.8 million barrels daily, though market nervousness regarding ongoing supply disruptions remains high. "There is a clear tug-of-war at the moment between improving supply from the region and lingering threats to supply." — ING commodity analysts