Oil Prices Surge as Middle East Tensions Escalate


Dhahran:Brent crude futures moved closer to $107 a barrel, while U.S. West Texas Intermediate (WTI) crude neared $95 amid rising security tensions in the Middle East. This market reaction followed a series of security incidents in the region, including an attack on a Saudi Aramco administrative building, the interception of missiles and drones in Saudi Arabia, and continued assaults on vessels in the Strait of Hormuz.



According to National Iraqi News Agency, these developments have raised concerns over the security of energy supplies and maritime traffic in the area.



The Saudi Ministry of Energy reported that an administrative building belonging to Aramco in Dhahran was targeted, resulting in a limited fire. There were no injuries or fatalities in the incident.



Additionally, Saudi Civil Defense noted that four individuals—two women, a man, and a child—were injured by debris from two cruise missiles intercepted and destroyed over Riyadh. The falling debris caused limited material damage to 15 homes.



In Yemen, an airstrike hit the Al-Sabah oil facility in Sanaa. This occurred shortly after the coalition supporting the internationally recognized Yemeni government warned civilians to evacuate the facility for their safety, as reported by Yemeni sources cited by Asharq.