Oil Prices Soar Amid Supply Fears and Hormuz Talks

Oil prices surged on Thursday to a one-week high after a Houthi missile attack on Saudi Arabia sparked supply disruptions concerns. The US and Iran discussed reopening the Strait of Hormuz, which has become a central bargaining chip in efforts to end their conflict.

The Brent crude 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. This was the first rise in days for oil prices, which had been down 13% over the prior six sessions.

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. Iranian airlines were barred from neighboring countries including the UAE and Oman in response to new US sanctions.