Aramco’s Headquarters Were Hit as Clashes With Houthis Escalate. Oil Prices are Edging up Again.

Oil prices are climbing on Wednesday after the headquarters of Saudi state oil giant Aramco were hit as clashes with Yemen's Houthi rebels continue.

Brent crude, the international benchmark, gained 0.58% and stood at $106.30 per barrel at 8:03 a.m. ET, while West Texas Intermediate, the U.S. benchmark, climbed 1.57% and clocked in at $95.62 per barrel at the same time.

The building in question is located in the Eastern province city of Dhahran. It caused a fire, but it isn't clear if it is a result of a direct impact or falling debris. Riyadh said it intercepted three cruise missiles and two drones, with four people being injured.

Hostilities are likely to escalate further, with different countries joining Saudi Arabia in its war effort. Axios reported last week that Syria could become the latest country to provide material support to Yemen and Saudi Arabia in the fight against the Houthis, with President Ahmed al-Sharaa is considering sending troops.

The outlet noted that discussions are largely taking place between Damascus and Riyadh, but the Trump administration has been consulted as well and doesn't oppose to the move in principle.

A U.S. official said Syrian troops could help out Yemeni counterparts, who are less trained than the Houthis. Between 10,000 and 20,000 could be involved in the operation, should it be confirmed.

Turkey and Pakistan are also providing support to Saudi Arabia and Yemen as a result of their recently-signed joint defense agreement with Riyadh, in which an attack against one of them is considered an attack against all.

Ankara is sending defensive and technical support. An official told Reuters that the country won't send troops and its aid will be in the form of equipment, intelligence sharing and weapons systems.

Pakistan, in turn, has sent about 8,000 troops and air force fighter jets to conduct strikes, according to another report. Troops, however, are unlikely to engage in any fighting and will be tasked with defending Saudi oil infrastructure.

The Houthis did manage to hit key infrastructure over the past days, targeting King Khalid International Airport, one of the busiest airports in the Middle East. Three people died and hundreds of flights were cancelled as a result.