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FollowingSaudi Arabia and Gulf waters encounter a new round of attacks
Over the weekend, Saudi Arabia and the waters near the Strait of Hormuz suffered successive attacks, triggering market shocks. Affected by this, oil prices surged sharply by more than US$3/barrel at the opening of Monday.
Brent crude oil prices rose 3.46% to US$108.23 a barrel; U.S. West Texas Intermediate crude (WTI) futures rose 3.15% to US$103.20 a barrel. The rally reflects growing concerns about supply risks in the world's largest oil exporter.
Pipeline outages and diplomatic stagnation add to pressure
The week comes after a drone attack on Saudi Arabia's east-west oil pipeline is expected to push oil prices further higher on Monday. According to reports, these drones came from Iraq. At present, Riyadh has not announced the extent of the damage and the repair timetable.
The pipeline can transport up to 7 million barrels of crude oil per day, connecting Saudi oil-producing areas near the Persian Gulf with export terminals along the Red Sea coast. Saudi Aramco's CEO said the pipeline was crucial to easing supply disruptions related to the broader Iran conflict.
Meanwhile, talks between Gulf states and Iran scheduled to be held in Oman were postponed due to an attack on the pipeline. Oman's Foreign Minister said that dialogue needs to be reached on the pipeline attack before advancing, and a new date for the talks has not yet been set.
Regional security situation is turbulent
Saudi state media released a video on Sunday showing the destruction of houses and a mosque in the kingdom's southern province of Jizan. Authorities blamed the attack on the Houthi armed forces in Yemen. This is one of a series of recent incidents targeting Saudi territory. The Houthis also claimed to have launched a separate attack on a Saudi military base in a neighboring province.
Saudi Arabia is facing escalating attacks from Iranian allied groups. Earlier attacks on energy facilities and civilian sites wounded more than 70 people, state media reported. [TAG
Outside Saudi Arabia itself, a ship was also hit by projectiles in the Strait of Hormuz on Sunday. The UK Maritime Trade Action Centre (UKMTO) confirmed the incident. The attack caused a fire and forced the crew to evacuate the ship.
Iran reported an independent incident involving its own merchant ship in which one crew member was killed and four others injured near the Iranian coast. The attacks highlighted the fragile security situation on Gulf shipping routes.
The geopolitical game deepens
In addition, Houthi forces are reported to have advanced along Yemen's west coast, occupying the port city of Muha and the strategic island of Palin. These developments are located near the Strait of Mandeb, a key channel connecting the Red Sea with global oil markets.
Analysts pointed out that unless diplomatic negotiations resume or pipeline operations quickly resume, continued disruptions could push crude oil prices towards the high of $119.48 set in early March this year.
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