Houthi Attacks Send Oil Prices Soaring to Multi-Week Highs

Oil prices surged to multi-week highs on Tuesday following attacks by Yemen's Iran-aligned Houthis on Saudi energy facilities, which wounded 73 people and halted operations at some of the world's top oil exporter's facilities.

The Brent crude futures price rose to $99.46, its highest since July 24, while US West Texas Intermediate (WTI) crude reached $94.73, its highest since June 8.

Goldman Sachs raised its Brent and WTI price forecasts by $5 to $85 and $80, respectively, for December 2026, citing continued Middle East shipping disruptions as a key factor.

HSBC also increased its 2026 Brent forecast to $90 per barrel from $80 previously, including a $95 estimate for the fourth quarter of 2026.