Brent crude futures surged above $70 a barrel on Monday after reported attacks on Saudi Arabian facilities, according to a report.

  • Oil prices climbed over 2% earlier on Monday’s session but have since pared gains. Brent was trading up just 0.1% at $69.44 per barrel, and U.S. crude futures up 0.2% at $66.21 per barrel.
  • Saudi Arabia’s minister of energy said a ballistic missile targeted Saudi Aramco facilities and a petroleum tank farm was attacked by a drone.
  • “Such acts of sabotage do not only target the Kingdom of Saudi Arabia, but also the security and stability of energy supplies to the world, and therefore, the global economy,” said the Saudi Arabia Ministry of Energy spokesperson.
  • Houthi military spokesman Yahya Sare’e took to Twitter to take responsibility for the attack. 
  • He said Houthis carried out a “broad joint offensive operation” involving 14 drones and eight ballistic missiles. Other military sites were also targeted with four drones and seven ballistic missiles.
  • “We promise the Saudi regime painful operations as long as it continues its aggression and blockade on our country,” he said in a post.
  • In 2015, a Saudi-led coalition intervened in Yemen’s civil war in 2015. It has continued to assist in the fight against Houthis in what is seen as a proxy war with Iran.
  • In February, the administration of U.S. President Joe Biden said it would remove the Houthi rebels in Yemen from the Foreign Terrorist Organization and Specially Designated Global Terrorist lists.