Oil Prices Soar on Houthi Attack Fears, Saudi Infrastructure Hit
Oil prices surged about 3% to a one-week high on Thursday after a Houthi missile attack on Saudi Arabia sparked fears of supply disruptions.
The attack, which was intercepted by Saudi air defenses, targeted the southern province of Taif and the Yanbu area on the Red Sea. The incident reignited concerns over global oil supplies, causing prices to climb.
Brent futures rose $3.52, or 3.4%, to settle at $106.60 a barrel, while US West Texas Intermediate crude increased $2.45, or 2.7%, to close at $94.61. These gains came after a volatile session, with prices reaching highs of about 5% before falling back.
The attack on Saudi Arabia's infrastructure comes as the US and Iran engage in peace talks aimed at resolving their ongoing conflict. Iranian negotiators are reportedly exploring a phased path out of war that could involve Tehran reopening the Strait of Hormuz in exchange for Washington lifting its economic blockade of Iran.