Oil prices are approaching $100, buoyed by attacks on Saudi Arabia.

Oil prices rose on Tuesday, driven by a series of attacks by Houthi rebels in Yemen on southwestern Saudi Arabia, which notably targeted facilities belonging to oil giant Saudi Aramco.

Around 10:35 GMT (12:35 in Paris), the price of a barrel of Brent crude from the North Sea, for delivery in November, was up 1.48% at $98.44.

Its American equivalent, the barrel of West Texas Intermediate (WTI), for delivery in October, gained 2.51% to $93.78.

These strikes, which have injured dozens, constitute the largest attack by the Houthis of Yemen against Saudi territory in several years.

In July, Yemen plunged back into war - between the Houthi rebels and the Saudi-led military coalition that supports the Yemeni government recognized by the international community - against a backdrop of regional conflagration since the Israeli-American offensive against Iran.

"Saudi Arabia has stated that operations at several energy facilities in the south of the kingdom have been disrupted," with the attacks having "triggered fires," DNB Carnegie analysts pointed out.

This drives up crude oil prices, which are particularly sensitive to production from Riyadh, the world's largest oil exporter.

The market also remains concerned about the situation in the Strait of Hormuz. A new "no-go zone" near this strategic waterway is expected to be announced "in the coming days" by Iran, Supreme National Security Council Secretary Mohsen Rezaei announced on Sunday.

Even if Iran does not succeed in truly preventing the passage of ships, "tightening of restrictions, increased military risk and higher insurance costs could reduce the Gulf's effective export capacity," explained Arne Lohmann Rasmussen, an analyst at Global Risk Management.

The fact that the price of crude oil is still below $100 a barrel also masks the tension building up on petroleum derivatives, with European diesel trading at nearly $200 a barrel and aviation kerosene not far behind, noted Ole Hansen, an analyst at Saxo Bank.

AFP