The price of Brent crude oil on Monday morning topped $105 per barrel—a two-week high—amid an escalation in fighting between Saudi Arabia and the Yemeni Houthis, an Iran-aligned group. President Donald Trump said Saturday he may join Saudi Arabia’s retaliatory strikes following attacks by the Houthis including on the main international airport in Riyadh.
The skies over Riyadh were empty on Monday as Saudi Arabia maintained a suspension of operations at the airport.
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Iran said Sunday night it had offered to mediate between Saudi Arabia and the Houthis. “Insisting on a military approach and ignoring a political solution will further complicate the current situation,” said a statement published by the Iranian foreign ministry on social media. While the Houthis are often described as a “proxy” of Iran, regional experts say they act independently of Tehran in pursuit of their own distinct objectives.
A 2022 truce between the Houthis and the Saudi-backed Yemeni government forces broke down in recent months. The resumption of fighting in Yemen, as well as successful Houthi attacks on Saudi Arabia, have raised fears of an escalating regional war drawing the U.S. and Iran back into major direct hostilities.
Iran’s national security advisor said Sunday that Tehran would target digital infrastructure in the Gulf if fighting with the U.S. resumed.
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