The Saudi strikes push the conflict into new geographic territory beyond the Iran-US and Hormuz-focused fighting that had already driven Brent up around 8% and WTI nearly 10% last week, adding a fresh risk premium at the futures reopen. With Hormuz traffic already down to its lowest since May and US fuel inventories running well below seasonal averages, the market has little spare buffer to absorb further supply disruption, keeping the bias skewed to the upside. OPEC+ holding output policy unchanged for October removes any near-term supply offset, leaving prices reactive to headline risk out of both the Red Sea and Gulf theatres.---The conflict spreading further to Saudi Arabia, and oil's six-week rally now has a new front to price in.Summary:Oil rose more than $1 at the futures reopen following reports of explosions in southwest Saudi ArabiaYemeni ballistic missiles reportedly struck Khamis Mushait and drones targeted Abha airport in Asir province, according to Fars News AgencyOil had already climbed to a six-week high after Iran vowed to strike Gulf energy infrastructure again if the US attacks its assets furtherThe US and Iran traded strikes on oil tankers and warships over the weekend, escalating the conflict that began in late FebruaryHormuz shipping traffic has fallen to its lowest level since May, while US gasoline and distillate inventories sit well below seasonal normsOPEC+ kept output policy unchanged for October, with new quotas still to be agreedOil rose more than $1 at the futures reopen after reports of explosions in southwest Saudi Arabia, adding renewed escalation to an already sharply higher market. Fars News Agency reported that Yemeni ballistic missiles struck the city of Khamis Mushait while drones targeted Abha airport in the Asir province, extending the conflict into Saudi territory for the first time in this latest phase of fighting.The move builds on a rally that had already taken oil to a six-week high, driven by Iran's vow to strike energy infrastructure across the Middle East in response to further US attacks on its assets. Iranian Parliament Speaker Mohammad Baqer Qalibaf warned on Monday that any strike on Iranian assets would be met in kind, after the US and Iran traded strikes on oil tankers and warships over the weekend in a marked escalation of the conflict that began in late February. Maritime intelligence firm Marisks said commercial tankers are increasingly being used as tools of economic pressure, blurring the line between military and commercial targets.Brent gained around 8% last week and WTI nearly 10%, as the war continues to erode global supply and force reliance on stockpiles. Hormuz shipping traffic has dropped to its lowest level since May, while US gasoline and distillate inventories remain well below year-ago and five-year seasonal averages. Iran is expected to announce a restricted zone outside the Strait of Hormuz in the coming days. OPEC+ left its output policy unchanged for October, saying new quotas still need to be agreed before further steps are taken. This article was written by Eamonn Sheridan at investinglive.com.