Houthi attacks cause oil prices to surge

The attacks on Saudi Arabia’s energy facilities by the Houthi group have already had a noticeable effect on global oil prices, Sky News reports.

Brent crude, which is the international benchmark, was up by $1.25 or £0.92 (1.3%) since the overnight strikes. This pushed it up to $98.25 or £72.69 per barrel as of 7:30am UK time.

This follows the previous high of $99.71 or £77.73 on the 24^th of July which was a product of the US and Israel’s war on Iran.

Speaking to Sky News Survo Sarkar, Head of Energy Research at DBS Bank, said: “Overall, we believe the recent uptick in hostilities between the US and Iran ⁠has the potential to materially change markets’ reading of ⁠oil price-related risks not only for the rest of 2026, but well into 2027 now.”

The Houthi attacks on oil facilities in Saudi Arabia date back as far as 2019. The recent attacks by Yemen’s Iran-aligned group struck the city of Jazan, which processes up to 400,000 barrels of oil each day.