Oil climbs above $105 as Saudi airport strike sparks price surge
Oil futures topped $105 a barrel after a Saudi airport strike and a Ukraine-Russia energy clash, while U.S. gasoline stays above $4 and diesel tops $6, tightening household budgets.
Oil prices jumped above $105 a barrel after a Saudi airport attack and renewed Ukraine‑Russia energy fighting. The rise threatens U.S. drivers as gasoline stays above $4 a gallon and diesel exceeds $6.
Despite President Trump’s weekend announcement of a Russia‑Ukraine "energy ceasefire," oil prices surged past $105 a barrel on Monday, driven by a deadly strike on a Saudi airport and fresh Ukrainian accusations that Russia continues to hit energy sites.
Brent crude futures rose 1.9% to $106.73 a barrel by 9:40 a.m. ET, while West Texas Intermediate climbed 2.1% to $93.73, even though the benchmarks had initially slipped after the cease‑fire claim.
What we know
According to the New York Post, an Iran‑backed Houthi group launched multiple drone and missile attacks on Riyadh’s international airport over the weekend, killing at least 13 people. The escalation threatened Saudi Arabia’s ability to keep its oil output steady amid a global supply crunch.
The Saudi‑led coalition confirmed the attacks and said the kingdom would proceed with a major energy conference on Thursday, though heads of BP, ExxonMobil and Shell cancelled their attendance because of safety concerns.
U.S. gasoline prices have remained stubbornly above $4 a gallon, and diesel—an input for food, apparel and other consumer goods—has risen above $6 a gallon, according to the same source.
"We support it, but I have not heard approval of this proposal from the Russian side," Ukrainian President Volodymyr Zelensky said.
President Trump has signed an executive order to broaden the use of tax‑exempt diesel and secured a diesel release agreement with Europe, but experts warned these steps may have limited effect on U.S. pump prices.
In addition to Middle‑East turmoil, Hurricane Isaias forced U.S. Gulf Coast producers to shut down operations, further tightening global supply after months of conflict.
Russia’s President Vladimir Putin reportedly vowed to supply more than 4 million tons of diesel to the global market, a move that could ease some pressure on prices, though the New York Post notes that analysts doubt its immediate impact.
Sources
File photo: Saudi Press Agency (SPA) / Wikimedia Commons, CC BY-SA 4.0