Oil Prices Surge Amid Fears of Saudi Supply Disruptions

Oil prices surged on September 24, 2026, as concerns over supply disruptions revived after a Houthi missile attack on Saudi Arabia. The assault sparked fears of potential supply cuts, causing oil futures to rise. Brent crude futures settled at $106.60 a barrel, up 3.4% from the previous day's close, while US West Texas Intermediate (WTI) crude finished at $94.61 a barrel, gaining 2.7%. These increases marked the end of a six-session losing streak for WTI.

The Houthi missile attack saw Saudi Arabia intercept six ballistic missiles launched towards Taif and Yanbu, its Red Sea export hub. However, tanker loadings had yet to restart following damage from a drone attack on the East-West Pipeline near Al Mesbaah. Satellite imagery showed repairs and bypass construction at two pumping stations.

Despite the increase in oil prices, reports of US-Iran talks on reopening the Strait of Hormuz tempered the gains somewhat. The Strait is a critical waterway for global oil trade, and any disruptions could have significant impacts on supply chains.