Saudi Arabia’s oil industry has been attached by missiles and drones. Credit: Stephen Marrable / Pixabay.

International benchmark Brent crude futures surpassed the $70 mark after Yemen’s Houthis rebel targeted Saudi Arabia’s oil facilities.

Brent crude futures for May jumped by $1.75, or 2.5%, to reach $71.11 a barrel, marking its highest since the start of the Covid-19 pandemic, reported Reuters.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The US West Texas Intermediate (WTI) crude for April surged by $1.60, or 2.4%, to reach $67.69, representing its highest in more than two years.

On 7 March, Yemen’s Houthi forces reportedly attacked Saudi Aramco’s oil terminal at Ras Tanura using drones and missiles.

Commenting on the attack, Riyadh said the firing on Saudi Arabia’s oil industry is a botched assault on global energy security.

ING analysts were cited by the news agency as saying in a report: “We could see further upside in the market in the near-term, particularly as the market probably now needs to be pricing in some sort of risk premium, with these attacks picking up in frequency.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Meanwhile, stocks in Asia have risen following the approval of a $1.9tn stimulus bill by the US Senate.

Positive economic data from China and the US signify a rebound in the global economy, according to the news agency.

The recent decision by OPEC and its allies to maintain production cuts in April has also increased Brent and WTI prices for the fourth consecutive session.

ANZ analysts were quoted by Reuters as saying: “The decision to keep quotas unchanged signals the group’s intent to drawdown inventories further, without concern of overtightening the market.

“It also suggests they see little threat from rising output elsewhere.”