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Oil prices jump after Houthi attacks raise Saudi supply risks

Brent crude rose back above $80, trading around $83.8 per barrel, while West Texas Intermediate rebounded to about $78.3 as analysts weighed renewed risk to Middle East energy infrastructure.

Reported · Written up by our desk · Energy

Oil prices jumped after reports of Yemeni Houthi attacks on Saudi Arabia, Reuters reported, citing a spokesman for a Saudi-led military coalition fighting the group in Yemen. The strikes hit Najran in Saudi Arabia’s south and left 11 civilians dead, according to the report.

The developments followed additional reporting that Iran is considering restrictions on U.S., Israeli, and other “hostile” vessels in the Strait of Hormuz, with a proposed fine equal to 20% of cargo value for violations, and possible passage fees of 5% to 7%. The combination of potential shipping disruptions and heightened regional military activity helped lift crude markets.

Reuters also cited a senior Saudi official saying the Houthis and Iran-affiliated Iraqi groups were planning a coordinated attack on Saudi civilian targets, including energy infrastructure and ports. That scenario could further complicate energy exports from the region as tensions remain elevated.

At the time of writing, Brent crude was trading at about $83.80 per barrel after recovering above $80, while West Texas Intermediate earlier rebounded to around $78.33 per barrel. The story also pointed to Houthi activity in the Red Sea, including strikes on Saudi tankers over the past week, as another support for prices.

Latest closeWTI crude $78.07 ▲3.8%|Brent $83.46

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