Oil Prices Soar 3% Amid Houthi Attack Fears
Oil prices rose about 3% on Thursday, September 24, to a one-week high after a Houthi missile attack on Saudi Arabia raised fears of supply disruptions.
The US and Iran have been discussing reopening the Strait of Hormuz, which has become a central bargaining chip in efforts to end the nearly seven-month conflict.
Saudi Arabia intercepted six ballistic missiles fired by Yemen's Iran-backed Houthis, thwarting attacks on the southern province of Taif and Yanbu area on the Red Sea.
The attack revived concerns about supply disruptions, but prices came off session highs after reports that the US and Iran discussed reopening the Strait of Hormuz.
Brent futures rose $3.52, or 3.4%, to settle at $106.60 a barrel, while US West Texas Intermediate crude rose $2.45, or 2.7%, to settle at $94.61.