
AI-generated summary
The Houthi movement, backed by Iran, has been conducting attacks against Saudi Arabia amid the ongoing Yemen conflict. Ukraine has been using drone strikes to target Russian infrastructure as part of its defense against the Russian invasion.
Brent crude oil prices neared recent highs Monday, as Iran-backed Houthi militants claimed attacks on Saudi Arabia and Ukraine struck oil facilities in Russia.
Global benchmark Brent futures lost 31 cents to close at $109.55 per barrel after hitting a session high of $110.70. U.S. West Texas intermediate advanced $2.25 to close at $103.66 per barrel.
The Houthis claimed Monday to have attacked King Khalid International Airport in Riyadh; Abha International Airport in southwestern Saudi Arabia, close to Yemen; Saudi Aramco facilities in Yanbu on the Red Sea Coast; the Shaybah oilfield and Saudi naval forces.
Earlier Monday, Saudi Arabia postponed until next year the Future Investment Initiative conference planned for four days next week due to the escalating attacks by the Houthis against the kingdom.
The militants struck King Khalid International Airport about 10 days ago, killing at least 12 and leaving hundreds injured.
In Russia, meanwhile, fires broke out at an oil terminal and depot in St. Petersburg after Ukraine launched a massive wave of drone strikes on Sunday, St. Petersburg Governor Alexander Beglov said in a social media post.
The terminal in St. Petersburg exports about 120,000 barrels per day of refined products, mostly fuel oil, according to data from Kpler. The level of damage at the facility wasn't immediately known.
AI outlook — possibilities, not facts
Brent crude prices will remain elevated in the short term due to ongoing geopolitical risks
Likely · Within weeks

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