Jizan Refinery Hit: Oil Prices Surge on Saudi Red Sea Attacks

Brent crude traded above $97 per barrel Monday as repeated Houthi attacks on Saudi Arabia's Jizan refinery intensified geopolitical concerns. The strikes, targeting a key Red Sea refining hub, threaten the kingdom's oil export routes and contribute to rising energy prices.

The Financial Times reported that the southwestern Saudi facilities were hit again Monday, citing individuals familiar with the matter. This latest incident follows previous attacks on the Jizan refinery and other Aramco infrastructure along the kingdom's alternative Red Sea export route. While Aramco's CEO Amin Nasser previously stated that earlier disruptions were temporary and had no material financial impact, the recurring nature of these assaults raises concerns about sustained operational risks.

Oil prices were already on an upward trend, partly influenced by Iran's proposal for a new shipping corridor through the Strait of Hormuz. These developments occur in the context of broader maritime tensions in the region, including recent U.S. actions against Iranian oil tankers following missile firings at U.S. warships.

### Money Play Given the escalating geopolitical tensions and their direct impact on oil prices, traders may monitor energy sector volatility. The attacks on Saudi refining infrastructure underscore the risks to global oil supply routes, potentially supporting higher crude prices in the short term.