[CNBC] International benchmark Brent crude futures jumped above $70 for the first time in more than a year on Monday, before giving back those gains and settling the session in the red.The surge in prices came after Saudi Arabia said its oil facilities were targeted by missiles and drones on Sunday. A Houthi military spokesman claimed responsibility for the attacks.
Brent traded as high at $71.38 per barrel, the highest level since Jan. 2020, while U.S. crude futures rose to $67.98 per barrel, a level not seen since Oct. 2018. However, oil ultimately retreated from those levels and finished the session lower. Brent shed $1.12, or 1.61%, to settle at $68.24 per barrel, while WTI settled $1.04, or 1.57%, lower at $65.05 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, according to state news agency SPA.
The Houthis have reportedly stepped up attacks on Saudi Arabia in recent weeks.
The Biden administration last month said it would remove the Iran-backed Houthi rebels in Yemen from the Foreign Terrorist Organization and Specially Designated Global Terrorist lists, according to NBC News.
