Houthi Missile Attack Sends Oil Prices Soaring Amid Supply Fears

Oil prices rose by about 2% on Thursday after a Houthi missile attack on Saudi Arabia revived supply disruption fears. The price of WTI crude oil increased $2.04, or 2.0%, to $105.12 a barrel at 12:29 p.m. EDT (1629 GMT), while the price of Brent crude rose $1.99, or 2.2%, to $94.15.

The attack on Saudi Arabia's oil infrastructure raised concerns about global supply levels and sent oil prices higher, but gains were pared when it was reported that US and Iranian negotiators in New York are exploring a phased path out of their conflict. The Strait of Hormuz has become a central bargaining chip in efforts to end the nearly seven-month US-Iran conflict.

Saudi Arabia intercepted six ballistic missiles fired by Yemen's Iran-backed Houthis on Thursday, thwarting attacks on the southern province of Taif and Yanbu area on the Red Sea. Meanwhile, Iranian flights to Gulf neighbors were canceled after a US deadline passed for global firms to halt work with Iran's airlines.