Brent jumps as Houthi missiles target Saudi Arabia

Crude woke up on Thursday. Oil prices rose sharply after Saudi Arabia said it intercepted six ballistic missiles fired by Yemen’s Iran-backed Houthis — a direct reminder that the kingdom’s energy infrastructure sits on the front line of the widening conflict.

Brent for November rose 3.4% to $106.60 a barrel and WTI gained 2.7% to $94.61. The move was even wilder intraday: both benchmarks were up about 5% at one point, with Brent briefly trading above $108, before gains faded later in the session. Houthi military spokesman Yahya Saree claimed dozens of missiles and drones were launched at Saudi military positions in Jazan, and Saudi Civil Defense separately issued an emergency warning in Mecca — signals the barrage was taken seriously in Riyadh.

The rhetoric is escalating on both sides. An adviser to Iran’s Supreme Leader Mojtaba Khamenei warned Tehran could expand the war to the Indian Ocean if the US or Israel attacks again, according to AFP citing Fars. But crude pared its gains on reports that US and Iranian negotiators in New York are exploring a phased path out of the war — Tehran reopening the Strait of Hormuz in exchange for Washington lifting its economic blockade — though neither side wants to move first.

For traders, the setup is a tug-of-war: missiles pulling oil higher against diplomacy pulling it lower. Position size accordingly, and watch the headlines from New York.

Sources:
https://www.wsj.com/business/energy-oil/oil-prices-fall-on-optimism-around-u-s-iran-diplomacy-saudi-pipeline-restart-523fe9d3 (WSJ live coverage, Sep 24 2026)

Oil prices settle up about 3% as Houthi attack on Saudi Arabia lifts supply fears

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