Oil prices jump 4% as Houthis fire missiles at Saudi Arabia
- Oil prices climbed about 2% on Thursday after Houthi missile attacks on Saudi Arabia revived supply disruption fears, though gains were tempered by reports the US and Iran discussed reopening the Strait of Hormuz.
- Yemen's Iran-backed Houthis escalated attacks Thursday, firing missiles and drones at Yanbu port, Saudi Arabia's main Red Sea oil export terminal, after the Saudi-led coalition intercepted six ballistic missiles targeting Taif and the Yanbu area.
- Brent futures rose $2.04 to $105.12 per barrel while West Texas Intermediate crude gained $1.99 to $94.15, marking WTI's first rise in seven days after declining about 13% over the prior six sessions.
- US and Iranian negotiators in New York are exploring a phased path out of conflict involving Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade, though neither side wants to surrender leverage first.
- Brent reached its highest close since September 15 with prices likely to remain above $100 per barrel, according to Sparta Commodities analyst June Goh, as global oil inventory gaps widen without clear resolution.
33 Articles
33 Articles
SAUDI Arabia has intercepted six ballistic missiles fired by Yemen's Houthi rebels, sending oil prices to their highest level in a week on concerns about global supply.
Eel Brent and the Texas WTI were the most affected barrels of oil due to the intensification of the conflict in the Middle East.
Crude oil prices jumped 3 percent as Houthi missile attacks hit Saudi Arabia, sparking supply concerns.
Brent Set for Weekly Gain as Houthi Attacks Rattle Saudi Oil Supply
Crude oil prices dipped from Thursday's close earlier today but Brent crude was on track for a weekly gain on continued concern about the security of supply from the Middle East. The concern persists despite reports about a possible deal between the United States and Iran, as well as estimates of oil flows out of the Strait of Hormuz. At the time of writing, Brent crude was trading at $105.65 per barrel, up from around $102 per barrel on Monday.…
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