Brent crude breaks $70 after Saudi Arabia’s oil facilities attacked by Yemen’s Houthis

International benchmark Brent crude futures popped during Asian trading hours Monday, moving above $70 a barrel for the first time in more than a year. The surge in oil prices came after Saudi Arabia said its oil facilities were targeted by missiles and drones on Sunday. A Houthi military spokesman claimed responsibility for the attacks.

Brent jumped 1.57% to trade at $70.45, while U.S. crude futures rose 1.50% to $67.08. Both benchmarks were up more than 2% earlier in the session. Saudi Arabia’s ministry of energy said a petroleum tank farm at one of the world’s largest oil shipping ports was attacked by a drone and a ballistic missile targeted Saudi Aramco facilities, according to state news agency SPA.

The Biden administration last month said it would remove the Iran-backed Houthi rebels in Yemen from the Foreign Terrorist Organization and Specially Designated Global Terrorist lists, according to NBC News.

Brent crude breaks $70 after Saudi Arabia’s oil facilities attacked by Yemen’s Houthis, CNBC, Mar 8