Oil Prices Jump After Houthi Strikes and Iranian Shipping Attacks
Saudi Arabia's energy ministry reported that air defenses intercepted a drone at the Shaybah oil field on Wednesday; debris struck a contractor vehicle, killing one Philippine national and one Nepali national and injuring two other workers, while two further people were killed in an attack on King Fahd International Airport in Dammam. Brent futures rose to nearly $113 at the New York close on Thursday, though Saudi officials said Shaybah's operations, at one million barrels per day, were unaffected. Separately, Iran claimed that three tankers hit naval mines near the Strait of Hormuz and four more were struck by kinetic attacks in the Arabian Gulf during ship-to-ship transfer operations, claims that have not been confirmed, while Kpler reported that Iranian oil is no longer contributing to global supply and that no cargo has been loaded since August 25.
Why it matters: The strikes bear on energy security, since the targeting of Saudi production and export infrastructure, alongside the unconfirmed attacks on tankers, moves crude prices amid an already-tight supply situation.