Oil tops $109 after Houthi strikes, Saudi pipeline shutdown
The Houthi militia said on Monday that it fired dozens of drones and ballistic missiles at military targets in Saudi Arabia in retaliation for airstrikes by Riyadh in Yemen.
Brent crude, the international benchmark oil price, climbed more than 4% to above $109 a barrel on Monday after Yemen's Houthi rebels attacked Saudi Arabia and a separate strike shut down one of the world’s most critical oil pipelines over the weekend.
What happened: Brent crude peaked at $109.50 earlier on Monday before easing to $107.21 at 11:48 a.m. EDT.
The Iran-backed Houthis said Monday they fired dozens of drones and ballistic missiles at King Khalid Air Base in Khamis Mushait, southwestern Saudi Arabia, targeting fighter jet hangars, radars, runways and ammunition depots. They described the attack as retaliation for Saudi airstrikes in Yemen in recent days, amid renewed fighting that has seen the rebels seize territory from the Saudi-backed Yemeni government.
The Houthis also said Monday they had taken control of the Greater and Lesser Hanish islands in the southern Red Sea.
