Global Crude Prices Surge on Houthi Attacks and US-Iran Negotiations

The global crude oil market experienced significant volatility between September 21 and 25 due to Houthi attacks on Saudi Aramco's facilities and reports of US-Iran negotiations to reopen the Strait of Hormuz.

Brent crude prices rose by 1.4% to $105.40 per barrel, while WTI fell by 3.3% to $92.90 per barrel. The price surge was largely driven by Houthi attacks on Saudi Aramco's facilities in Yanbu and Riyadh, which revived supply-disruption fears.

The US-Iran negotiations raised expectations of a diplomatic breakthrough that could restore normal oil flows through the strategic waterway. Iran indicated it could reopen the Strait of Hormuz within a week if the US reduced military pressure and lifted its economic blockade on Iranian ports.