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Jeddah, Oktober 5, 2026 – Oil markets jolted higher on October 5 after Yemen’s Houthi rebels claimed responsibility for missile and drone strikes on Saudi Aramco facilities, underscoring the vulnerability of the world’s largest oil exporter and reigniting concerns over global energy security.
Brent crude futures rose 0.79 percent to $103.06 per barrel, while West Texas Intermediate climbed 0.50 percent to $91.57.
The escalation injected a fresh risk premium into trading, with investors bracing for potential supply disruptions.
The attacks targeted Aramco sites in Riyadh and the Khurais oil field, key nodes in Saudi Arabia’s production network.
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Footage reviewed by Reuters showed smoke rising from a refinery south of Riyadh, though the extent of damage remains unclear.
The Houthis, backed by Iran, have intensified their campaign against Saudi energy infrastructure, raising alarms about the durability of Aramco’s defenses and the broader stability of Middle East oil flows.
For global markets, the timing is fraught. Oil above $100 per barrel threatens to complicate monetary policy in import dependent economies already grappling with inflationary pressures.
In Asia, countries such as India and Indonesia face rising import bills that could squeeze household budgets and corporate margins.
Analysts warn that sustained price increases may force governments to adjust subsidies or risk widening fiscal deficits.
Beyond Asia, higher crude prices ripple across financial markets.
A stronger U.S. dollar and elevated Treasury yields often accompany oil shocks, dampening risk appetite in equities and cryptocurrencies.
Energy intensive industries, from airlines to manufacturing, may see costs surge, potentially slowing growth in advanced economies.
The geopolitical dimension adds further uncertainty Saudi Arabia’s response to the attacks could escalate tensions with Iran, while shipping routes through the Bab el Mandeb Strait and the Red Sea remain exposed to disruption.
In the short term, traders expect volatility as markets await confirmation of Aramco’s operational status.
The company’s ability to draw on storage and redundancy could mitigate immediate supply shocks.
Yet the persistence of Houthi strikes suggests a longer term recalibration of the oil risk premium, with Brent likely to hover above $100.
For policymakers, the challenge is stark balancing inflation control with growth stability in an environment where energy security is once again at the forefront of global economic risk.
