
AI-generated summary
The Houthi movement, backed by Iran, has been conducting attacks against Saudi Arabia amid the Yemen conflict. Ukraine has been striking Russian energy facilities as part of its defense against the Russian invasion. The Future Investment Initiative is a major Saudi economic conference.
Crude prices rose Monday as Iran-backed Houthi militants claimed attacks on Saudi Arabia and Ukraine struck oil facilities in Russia.
Brent crude futures, the international benchmark, added 19 cents to $110.05 per barrel. U.S. West Texas intermediate advanced $2.24 to $103.65 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. It is unclear the level of damage at the facility.
Ukraine briefly paused strikes on Russian energy facilities after President Donald Trump declared on Oct. 11 that Kyiv and Moscow had agreed to a truce.
AI outlook — possibilities, not facts
Global oil prices may remain elevated if Middle East tensions persist
Likely · Within weeks

Brent crude oil prices neared recent highs on Monday after Iran-backed Houthi militants claimed attacks on Saudi Arabian airports and oil facilities, while Ukraine launched drone strikes on Russian oil infrastructure in St. Petersburg, causing fires at a terminal exporting 120,000 barrels per day.

Crude oil prices declined Monday as markets assessed potential increased Russian supply following U.S. sanctions relief, while Ukraine's drone strikes on Russian oil facilities and tanker attacks in the Persian Gulf created uncertainty about future supply levels.

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U.S. crude oil prices rose Thursday as traders assessed potential supply disruptions following attacks on ships in the Strait of Hormuz, with WTI futures up about 3% to $98.03 per barrel, supported by a large inventory draw of 8 million barrels. Iran threatened to strike U.S. warships, while the Trump administration considered easing sanctions on 'shadow fleet' vessels to ease prices.

U.S. crude oil prices climbed Thursday following a ship sinking in the Strait of Hormuz. Traders are weighing supply disruption risks as tensions between the U.S. and Iran escalate and the IEA warns of ongoing diesel market constraints.