Oil
Oil prices surge following missile strikes on Saudi Aramco
Global crude benchmarks rose after Houthi missile attacks struck Saudi Aramco facilities and Yemen's presidential palace.
Key points
- A ballistic missile struck Saudi Aramco's headquarters in Dhahran, causing fires and damaging the CEO's office.
- The attack pushed Brent crude above $107 a barrel, according to Informed Comment reporting.
- Separate missile strikes targeted the Presidential Palace in Aden and oil installations in Marib.
What happened
Crude oil prices climbed after the Ansarullah movement, commonly known as the Houthis, launched missile attacks targeting energy infrastructure in Saudi Arabia and political sites in Yemen. According to Informed Comment, a ballistic missile struck the headquarters of Saudi Aramco in Dhahran on Tuesday, damaging the administrative building and the CEO's office.
Further strikes followed on Thursday, including ballistic missiles aimed at the Presidential Palace in Aden, which resulted in five deaths and sixteen injuries, though cabinet members remained unharmed. Additional missile attacks were directed at the central oil city of Marib.
Why it matters
The strikes pushed Britain's Brent oil index above $107 a barrel, according to Informed Comment. For context, US Energy Information Administration figures show that Brent spot prices stood at $126.55 per barrel on October 14, 2026, while West Texas Intermediate was recorded at $101.91 per barrel on the same date.
The incidents highlight vulnerabilities in regional anti-missile defenses and demonstrate the expanding operational range of the Houthi movement across the Arabian Peninsula. The disruption comes as energy markets remain sensitive to geopolitical tensions in the Middle East.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
Crude benchmarks move budgets, currencies and inflation in producer and importer countries alike. For economies such as Nigeria, where fuels dominate exports, production and refining decisions move the whole economy.
0.0% of Yemen’s merchandise exports were fuels in 2024Countries in this story
Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
