Oil Surges Past $111 as Houthi Strikes on Saudi Arabia Escalate Middle East Tensions

Brent crude held above $111 per barrel on Thursday after fresh Houthi attacks on Saudi targets and a U.S. order for non-emergency federal personnel to leave the kingdom heightened fears of instability in a key oil-producing region. Brent traded at $111.10 a barrel, with West Texas Intermediate at $98.98, both up about 2% from Wednesday. The Yemeni Houthis struck an oil field and an international airport in Saudi Arabia. Iranian media reported explosions in southern Iran without specifying their origin. In a Financial Times op-ed, Iranian Foreign Minister Abbas Araqchi said Tehran is ready to defend itself and voiced no trust in Washington's peace overtures, citing two occasions when the U.S. attacked Iran during nuclear negotiations. President Masoud Pezeshkian said talks cannot proceed while the U.S. maintains a blockade and threats against Iran. ING analysts noted Kuwait's oil output topped 2 million barrels per day, though fuel production remains well below pre-war levels.