How Escalating Attacks in Yemen Impact Global Oil Trade
The group alleged on Sunday evening that Saudi Arabia had conducted 58 airstrikes across Yemen during the preceding 24 hours, and 129 strikes across Yemen over the 48 hours before Saturday evening. Saudi Arabia has not confirmed those strikes.
Inside Yemen, government forces launched strikes near Mokha, Dhubab, and elsewhere in Taiz, claiming they destroyed Houthi vehicles and weapons. After initially retreating from parts of the western coast, government units said they were regrouping late Saturday and would return to battle.
The government-allied National Resistance said more than 500 of its fighters have been killed on the west coast over the past month, while more than 1,000 Houthis were killed in Hodeida and Taiz provinces over the same period.
How have the attacks affected oil and gas?
Oil prices climbed more than 2% on Monday. Brent crude futures opened at $108.23 a barrel in late Sunday trading, up $3.62 or 3.46%, while WTI futures opened at $103.20, up $3.15 or 3.15% from Friday’s close. U.S. diesel prices surpassed $6 a gallon on Friday for the first time on record, while oil gained more than 8% last week, with Brent surging over $100 a barrel for the first time since July.
