Oil Prices Rise in Global Market Amid Saudi-Houthi Conflict

Saudi Arabia's Ministry of Energy said Houthi rebels attacked an administrative building of state oil company Saudi Aramco in the city of Dhahran, causing a limited fire there. In response to support for Yemen's government forces, the Houthis have carried out several ballistic missile and drone attacks targeting Saudi Arabia over the past week. These included an attack on Riyadh's international airport that killed 13 people.

Hiroyuki Kikukawa, chief strategist at Nissan Securities Investment, said that although the conflict has raised concerns about oil supply, increased diesel exports from Russia could reduce the shortage in the market. Meanwhile, according to OPEC data, although there have recently been various disruptions in oil transportation, Saudi Arabia's increased production has significantly increased the total oil supply of the OPEC Plus alliance.