Brent crude hits 6-month high on Middle East tensions

Brent crude gained 3.1% to reach $116.72 per barrel, marking its highest close since April 29. Saudi Arabian air defense systems intercepted missiles and drones directed at the capital Riyadh and Saudi Aramco facilities by the Houthis in Yemen.

Turki al-Malki, spokesperson for the Saudi-led coalition, reported that 2 drones and 1 ballistic missile entering Riyadh airspace were intercepted. The statement also noted that 10 ballistic missiles fired at the southern region of the country and 1 cruise missile heading toward the city of Khamis Mushait were shot down. Meanwhile, the Houthis announced that they carried out 7 operations, claiming that their targets included King Khalid International Airport and Saudi Aramco facilities located in Yanbu on the western coast of Saudi Arabia.

How did the attacks in the Middle East affect oil prices?

The targeted King Khalid International Airport resumed flights on Sunday following the October 10 attack that killed 13 people and injured approximately 300. While Saudi Aramco did not respond to a request for comment, the US administration last week asked non-emergency government personnel and their families to leave Saudi Arabia, citing attack risks.

When could US and Israeli operation plans come into effect?

US President Donald Trump stated that they are not holding negotiations with Iran and that the process would reach a conclusion soon. Officials report that the US and Israel are planning new military operations against Iran following the November 3 midterm elections. Amrita Sen, founder of Energy Aspects, pointed out that tensions in the Middle East have reached a timing dimension, noting that institutional investors are focused on the post-election period and that escalation appears more likely after the elections.

This content is for information purposes only and does not constitute investment advice.