The price of international benchmark Brent crude oil has risen above $70 U.S. a barrel for the first time in more than a year.
The surge in oil prices came after Saudi Arabia said its oil facilities were targeted by missiles and drones on Sunday. Oil prices climbed more than 2% on the news, rising above $70 a barrel.
In Asian trading Monday, the price of Brent crude oil pared those gains, but were still up 0.89% at $69.98 a barrel and U.S. crude futures rising 0.83% to $66.64 per barrel.
Saudi Arabia’s Ministry of Energy said a petroleum tank farm at one of the world’s largest oil shipping ports was attacked by a drone and a ballistic missile targeted Saudi Aramco facilities.
A spokesman said neither attack caused any injury or loss of life or property, but shrapnel from the intercepted missile fell near residential areas.
Yemen’s Houthis militant group said on social media it carried out a “broad joint offensive operation” involving 14 drones and eight ballistic missiles. A Saudi-led coalition intervened in Yemen’s civil war in 2015 and has continued to fight against the Houthis in what is seen as a proxy war with Iran.
The Houthis have reportedly stepped up attacks on Saudi Arabia in recent weeks.