‘Oil War’ Reaches Saudi Arabia... Brent Crude Nears $100

【Financial News New York = Correspondent Lee Byung-chul】  International oil prices are once again threatening the $100-per-barrel mark. Concerns are growing that the war in the Middle East could spread to major oil-producing countries and energy supply chains after the Iran-linked Houthi rebels in Yemen attacked energy facilities in Saudi Arabia, the world’s largest crude oil exporter.
On the 8th local time, Brent crude oil futures, the benchmark for international oil prices, stood at about $97.85 per barrel around 9 a.m. Eastern Time, up roughly 1% from the previous session. West Texas Intermediate crude oil (WTI) also traded at $92.73 per barrel, up 1.4%.
The factor driving oil prices higher was the Houthi attack on Saudi energy facilities. According to the Saudi Press Agency (SPA), the Houthi rebels attacked civilian and economic facilities in Abha, Khamis Mushait, Jizan, and Najran. More than 70 civilians were injured in the attacks.
Saudi Arabia’s Energy Ministry said fires broke out at several energy facilities following the attacks, temporarily halting operations at some of them. It did not disclose the specific facilities or the extent of the damage. The Houthi rebels claimed they used drones and ballistic missiles to attack Saudi Aramco facilities in southern Saudi Arabia.
The attacks came as the “cycle of retaliation” between the United States and Iran spread to Saudi Arabia. On the 5th, the U.S. military struck three Iranian tankers in retaliation for Iran’s ballistic-missile attack on two U.S. Navy vessels. Iran’s Foreign Ministry condemned the strikes as “a war crime and economic warfare.”
Tensions between the two sides are also escalating. After U.S. Defense Secretary Pete Hegseth warned that the United States would “destroy and sink” Iranian tankers if Iran attacked U.S. vessels, Mohammad Bagher Ghalibaf, speaker of Iran’s parliament, responded, “If you attack our assets, you will be attacked as well.”
The market is focusing less on a short-term clash than on the possibility that supply disruptions originating in the Middle East could persist. Goldman Sachs raised its December 2026 forecasts for Brent crude oil and WTI by $5 each, to $85 and $80 per barrel, respectively. Its forecasts for 2027 were also raised to $80 and $75, respectively.
Goldman Sachs said, “The market is increasingly pricing in a prolonged conflict in the Middle East,” forecasting that disruptions to maritime transport would continue through 2027 and that crude oil production would only gradually recover in the second half of 2027.
President Donald Trump claimed the previous day, “Oil prices will fall sharply if we win the war against Iran.” 




[email protected] Correspondent Lee Byung-chul Reporter