Oil Prices Soar on Saudi Facility Attacks

Oil prices have reached a six-week high after a series of attacks on Saudi energy facilities by Houthi forces in Yemen. Brent futures rose to $97.92 per barrel, while US West Texas Intermediate (WTI) crude increased to $93.03.

The attacks, which wounded over 70 people and set oil installations ablaze, have disrupted Middle East energy supplies and raised concerns about the global economic impact of the conflict.

Goldman Sachs and HSBC have both raised their crude price forecasts for 2026 and 2027 in response to the escalating tensions. The number of commodity vessels sailing through the Strait of Hormuz has decreased, from eight on Monday to seven on Tuesday.