Oil Prices Rebound Amid Houthi Attacks and Strait of Hormuz Talks

Oil prices rebounded on Thursday after Houthi missile attacks on Saudi Arabia sparked concerns over supply disruptions.

Brent crude futures rose $3.52, or 3.4%, to settle at $106.60 a barrel, while US West Texas Intermediate (WTI) crude gained $2.45, or 2.7%, to $94.61.

The attacks revived fears of further supply disruptions and came after several sessions of declines, with WTI having fallen about 13% over the previous six sessions.

However, reports that the United States and Iran were discussing a possible reopening of the Strait of Hormuz provided some relief to markets.