Oil Prices Surge Above $111 After Houthi Saudi Strikes

Crude oil prices extended their earlier gains, with Brent crude remaining above $111 per barrel following reports of fresh Houthi attacks on Saudi targets, according to OilPrice. The security situation in the region faced additional pressure after the U.S. federal government ordered non-emergency personnel to leave the kingdom.

At the time of writing, Brent crude traded at $111.10 per barrel, while West Texas Intermediate stood at $98.98 per barrel. Both benchmarks recorded gains of roughly 2% from Wednesday following strikes by Yemeni Houthis on a Saudi oil field and an international airport.

Regional Escalation

Iranian media reported explosions in the southern part of the country without specifying the nature or origin of the events. In a separate op-ed for the Financial Times, Iran's foreign minister Abbas Araqchi stated that the country was ready to defend itself and suggested the likelihood of a peace deal remains low, noting a lack of trust in the U.S. administration.

President Masoud Pezeshkian also remarked that peace talks could not proceed while the United States maintains a blockade and issues threats against the country. Meanwhile, ING commodity analysts noted a Kuwaiti update showing daily oil production topping 2 million barrels, though fuel production and flows remain below pre-war levels.

Key facts

• Brent crude traded at $111.10 per barrel.
• West Texas Intermediate traded at $98.98 per barrel.
• Both crude benchmarks rose by around 2% from Wednesday.
• Yemeni Houthis struck a Saudi oil field and an international airport.
• Kuwait daily oil production topped 2 million barrels.