Saudi Arabian oil site attacked, brent (crude oil) above $70 per barrel

International price of crude oil jumped above $70 for the first time in more than a year.

Saudi Arabia said its oil facilities were targeted by missiles and drones on Sunday 7th march 2021.

Yahya Sarea a spokesman for Yemen’s Houthis, said it carried out a broad joint offensive operation with 14 drones and eight ballistic missiles.

The Houthis recently stepped up cross-border attacks on Saudi Arabia at a time when the United States new elected president Joe Biden is very much anti Saudi arabia.

US president Joe Biden has recently canceled all the weapon deals made during last president Donald trump's time. at the same time Jeo biden is very much looking to restore the nuclear deal with Iran an arch rival of Saudi arabia.

Oil prices are already very high, because OPEC countries (Majority of oil producing countries), have cut down the supply. And now after this news Brent prices will increase further, Which will eventually affect countries like India and China.

We are already seeing patrol prices near 90 INR in India, and it is expected go to 120 - 130 INR in near future.