Kathmandu, March 8

On Sunday, Yemen’s Housthis attacked Saudi Arabia oil companies. By which Brent crude moves above $70 in Asian trading hours on Monday. US crude oil prices have also hit a two-year high.

This is the first time since the onset of the Corona epidemic that crude oil prices have risen so much. According to Reuters, crude oil prices in early Asian markets reached $71.38 a barrel. Which is the highest since January 8, 2020.

The surge in oil 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.

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 missile targeted Saudi Aramco facilities, according to state news agency SPA.

A spokesman said neither attack caused any injury or loss of life or property, but shrapnel from the intercepted missile fell near residential areas in the city of Dhahran, SPA reported.

Yemen’s Huthi rebels carried out drone and missile attacks on Saudi Arabia’s oil industry last Sunday. It said Saudi Aramco’s oil wells could also be targeted. However, Saudi Arabia has called it a failed attack.

Meanwhile, China raised crude oil demand by 4.1 % in the first two months of 2021 from a year earlier. China is the world’s largest oil importer.China is increasing its refining capacity and increasing its demand for crude oil.