Oil jumps 4% on reported Houthi strikes
7 sourcesUpdated Sep 24, 2026
Oil prices rose roughly 3% to 4%, reaching one-week highs, after Yemen’s Iran-aligned Houthi group launched missile attacks targeting Saudi Arabia. Saudi-led coalition forces said they intercepted six ballistic missiles aimed at Taif and the Yanbu area, a Red Sea oil-export hub; the reported attacks heightened concerns about regional supply disruptions. Prices pulled back from intraday peaks amid reports of U.S.-Iran discussions, but prospects for a deal appeared uncertain, with the Strait of Hormuz blockade and U.S. sanctions remaining key points of tension. Saudi Arabia is also increasing crude shipments through its East-West Pipeline to Yanbu.
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Strait of Hormuz risks are why oil stays volatile even on partial news like this.
The pullback after US-Iran talks shows how fast diplomacy can ease these spikes.
Those Houthi strikes could easily cut Saudi output if they hit the right facilities.
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