Oil prices rose on Monday after Yemen’s Iran-backed Houthis said they launched ballistic missiles and drones at Saudi Aramco sites in Riyadh and the Khurais area. The claim raised concerns about production in the region’s top exporter.

Brent crude futures climbed 81 cents, or 0.79 per cent, to $103.06 a barrel. US West Texas Intermediate crude was at $91.57 a barrel, up 46 cents.

Saudi Aramco chief executive Amin Nasser said global oil stockpiles are now ‘scarily thin’. He warned that rebuilding depleted inventories could take up to two years.

The G7 has moved to release 100 million barrels of emergency oil and diesel stocks through the International Energy Agency over four months. A large share of the diesel will enter the market in the first 20 days.

Saudi Arabia separately slashed its November official selling prices for Asian buyers to a six-year low while raising prices for northwest Europe. OPEC+ partners agreed to keep production targets steady for November.