Oil Prices Soar as Houthi Attacks Disrupt Saudi Energy Facilities

Oil prices surged on Tuesday to their highest levels in over three months after Iran-backed Houthis launched attacks on energy facilities in Saudi Arabia, while Tehran threatened the United States with an 'economic war.'

The attacks halted operations at some energy facilities in Saudi Arabia, which is the world's largest oil exporter. Brent crude futures rose $1.52, or 1.6%, to $98.52 a barrel by 12:29 GMT, while US West Texas Intermediate crude climbed $2.30, or 2.51%, to $93.78 a barrel.

Goldman Sachs raised its Brent and WTI crude price forecasts by $5 to $85 and $80 a barrel, respectively, for December 2026, and to $80 and $75, respectively, for 2027, citing disruptions to Middle Eastern shipping that will persist into 2027.