Oil Prices Soar as Saudi Facilities Attacked and Iran Threatens Economic Warfare

Oil prices surged to multi-week highs on Tuesday after Iran-backed Houthis attacked Saudi energy facilities and Tehran threatened the US with 'economic warfare'.

Brent crude futures rose to as much as $99.22 a barrel, its highest since July 24, while US West Texas Intermediate crude hit $94.60 a barrel, its highest since June 8.

Goldman Sachs raised its Brent and WTI price forecasts for December 2026 and 2027, citing the assumption that shipping disruptions will continue into 2027.

The attacks on Saudi energy sites wounded 73 people, according to Saudi authorities, who called it a 'dangerous escalation'. Iran's threat of 'economic warfare' against the US underscored the risks of further escalation in the war.