Futures Movers: Brent crude tops $70 a barrel as Saudi-Yemen fighting escalates

United States

Oil prices shot more than 2% higher Sunday, after Saudi Arabia and Yemen rebels traded airstrikes.

The price of Brent crude BRNK21, +1.99%, the international standard, topped $ 70 a barrel for the first time in more than a year. West Texas Intermediate crude CLJ21, +2.01%, the U.S. benchmark, jumped to more than $ 67 a barrel, also its highest price in more than a year.

On Sunday, Saudi-led coalition warplanes bombed Yemen’s rebel-held capital, Sanaa, after Houthi rebels attacked Saudi oil facilities with drones and ballistic missiles. The rebel strikes reportedly did little to no damage to oil storage sites, but shook investors just the same.

“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,” Saudi Arabia’s energy ministry said through state media. “They affect the security of petroleum exports, freedom of world trade, and maritime traffic.”

Oil prices jumped more than 7% last week, to their highest settlements since 2019, after the Organization of the Petroleum Exporting Countries and its allies said they would continue current production cuts through the end of April.