Saudi Arabia has condemned in strongest terms the targeting of civilian and economic assets in Abha, Khamis Mushait, Jazan and Najran by terrorist Houthi militia, which resulted in injuries to 73 civilians, including women and children.
Saudi Arabia intercepted and destroyed a ballistic missile fired by Yemen's Houthi militia towards Riyadh early Saturday, as the Iran-aligned group stepped up attacks on the Kingdom, drawing condemnation of its actions from Gulf and Arab states.
Oil prices fell about 1% on Friday, extending losses for a third consecutive session, even as Saudi Arabia and Yemen's Iran-backed Houthis exchanged fresh strikes and a tanker was hit in the Strait of Hormuz, with markets focusing instead on efforts to restore Saudi oil flows and alternative routes for Gulf exports.
Oil prices surged to their highest levels since May on Friday as the widening US-Iran conflict and a rapid Houthi advance in Yemen raised fears of a prolonged disruption to global crude supplies through the two strategic waterways of Hormuz and Bab al-Mandeb.
Gulf tensions remain high despite signs of diplomatic progress over the Strait of Hormuz, with Saudi Arabia warning of imminent coordinated attacks by Iran-backed militias even as Tehran and Muscat move closer to an agreement aimed at restoring commercial shipping through the strategic waterway.
The Middle East conflict entered a new phase over the weekend as the United States paused its bombing campaign against Iran after 13 consecutive nights of strikes, while violence shifted to the Red Sea where Iran-backed Houthi rebels targeted Saudi commercial assets, prompting retaliatory military action by Saudi Arabia.
US President Donald Trump has threatened "major military punishment" against Iran and Yemen's Houthi movement after two Saudi oil tankers were attacked in the Red Sea, as fears of a widening threat to global shipping pushed oil prices above $100 a barrel for the first time since May.
Brent crude touched $100.64 a barrel on Thursday, a jump of 7%, after Yemen's Houthi rebels claimed to have struck two Saudi oil tankers in the Red Sea.
Concerns over the security of global shipping lanes intensified on Thursday after Yemen's Iran-backed Houthi movement claimed attacks on two Saudi oil tankers in the Red Sea, while US President Donald Trump warned he would retaliate against any Iranian attempt to target commercial vessels transiting the Strait of Hormuz.
Oil prices climbed for a second straight session on Wednesday, with Brent crude rising above $92 a barrel, as investors weighed the risk of widening supply disruptions from the escalating Middle East conflict.
