Houthi Strikes Send Oil Prices Soaring Over 3% Amid Saudi Arabia Tensions

Oil prices surged on Thursday after Yemen's Houthi rebels launched missile and drone strikes against targets in Saudi Arabia, including facilities operated by state oil giant Saudi Aramco. The attacks raised concerns about global energy supply disruptions.

The Brent crude futures price settled at around $106.60 a barrel, up 3.4%, while US West Texas Intermediate climbed 2.7% to $94.61, according to Reuters.

The Houthi rebels claimed to have hit a 'sensitive target' in Riyadh and Aramco facilities in Yanbu, a major oil hub on the Red Sea. Saudi authorities reported that their air defences intercepted six ballistic missiles fired towards the city of Taif and the area of Yanbu.

There were no immediate reports of significant damage or casualties from the attacks. The strikes come amid ongoing tensions in the region, including uncertainty over the Strait of Hormuz.