Oil prices eased after Saudi Arabia pledged to keep supplying domestic and international customers despite attacks on Riyadh and disruptions to regional energy infrastructure.
Energy Minister Prince Abdulaziz bin Salman made the assurance at energy meetings in Riyadh, declaring the city a center of energy security and saying Saudi Arabia’s commitments would stand regardless of circumstances. He linked that resilience to years of investment in storage, spare capacity, infrastructure and alternative export routes, including systems designed to reduce reliance on the Strait of Hormuz.
The security concerns intensified after repeated strikes on King Khalid International Airport. Saudi authorities said an attack on Saturday killed 12 people and injured 309, while another projectile the following evening killed one person and injured 11. The Saudi-led coalition blamed Iran-backed Houthi forces for the Saturday attack.
Saudi Arabia’s East-West pipeline, which moves crude from eastern oil fields to Yanbu on the Red Sea, was disrupted by Houthi attacks in September. The route allows Saudi crude to reach export facilities without passing through the Strait of Hormuz.
The attacks have kept attention on two key shipping routes, the Strait of Hormuz and Bab el-Mandeb, while strikes on tankers near Hormuz and Oman added to market concerns. Saudi Arabia continued with the World Petroleum Council’s energy congress in Riyadh, scheduled for October 11-15, as officials used the gathering to emphasize supply reliability and the importance of restoring infrastructure quickly after disruption.
The immediate market response suggested that assurances about Saudi export continuity partly offset fears created by the attacks, although crude remained above its levels from the previous week. Saudi officials also said the recent events were serious and required an equally serious response, while the energy meetings were set to continue through October 15.