Houthi attacks on Saudi Arabia; crude oil prices continue to rise in the global market.
Oil prices in the global market continue to rise following attacks by the Houthis on Saudi Aramco’s headquarters, the targeting of cargo ships by Iran, and the announcement of a new strategy aimed at keeping oil prices high.
According to foreign media, the price of Brent crude oil futures increased by 37 cents—or 0.35 percent—closing at $106.06 per barrel.
The price of American West Texas Intermediate (WTI) crude oil rose by 95 cents—an increase of 1.01 percent—to reach $95.09 per barrel, marking its highest level in three weeks.
According to Phil Flynn, a senior analyst at The Price Futures Group, attacks on vessels passing through the Strait of Hormuz, as well as an exchange of strikes between Saudi Arabia and the Iran-aligned Houthi group, are driving the rise in oil prices.
Iranian officials refrained from providing details regarding their new strategy for targeting commercial vessels; however, one official noted that Iran had begun employing a different approach for these attacks approximately 10 days ago.
It is worth noting that in September, oil shipments from Gulf countries—including Iran—saw a significant increase, surpassing 81 percent of pre-war levels.
The recovery of Saudi Arabian exports played a key role in this rise. Conversely, due to the U.S. blockade, Iran’s oil exports have fallen to zero.
