Attack on Aramco facilities: Crude oil prices rise

International crude oil prices rose above $70 a barrel on Monday for the first time since the COVID-19 outbreak following attacks on Saudi oil facilities.

The Saudi Defence Ministry says a drone strike on an oil field in the Ras Tanura and a ballistic missile attack on Aramco's facilities in the eastern Saudi city Dhahran have been foiled.

A piece of the missile landed in Aramco's residential area in the city where thousands of company employees and their families live. The Saudi military coalition says attacks on Saudi civilian targets by Houthis are tantamount to crossing the red line. The Saudi Defence Ministry said the attack caused no casualties or damage.

The Saudi military coalition said in a statement on Sunday that it had carried out air strikes on the Houthi rebel-held Yemeni capital. The military coalition said in a statement to state media that the attacks targeted Houthi military capabilities in Sanaa and several other provinces.

Prior to the operation, the coalition thwarted 12 drone and two missile strikes by cross-border rebels on Saudi Arabia.

According to the Saudi news agency SPA, the military coalition said that Houthi rebels had targeted civilian targets in Saudi Arabia in drone strikes.

The coalition added that the two missiles that were destroyed in mid-air were aimed at the city of Jazan.

In recent weeks, the Houthis have stepped up attacks on Saudi Arabia. The Houthis have also stepped up their offensive to seize Marib, the last stronghold of the Yemeni government.

According to International news agencies, Oil prices slipped on Monday after earlier climbing above $70 a barrel for the first time since the COVID-19 pandemic began after attacks on Saudi Arabian oil facilities.

At the start of Asian trade in Singapore, crude oil for May traded at $71.38 a barrel, the highest since January 8, 2020.

US West Texas Intermediate (WTI) crude for April delivery rose $1.60, or 2.4 percent, to $67.69.

Benchmark Brent climbed as high as $71.38 a barrel in early Asian trade, its highest since January 8, 2020. Trading was down 30 cents or 0.4% at $69.06.