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BackInternational oil prices climbed to a six-week high on Tuesday as Yemen's Houthi rebels attacked Saudi facilities and raised supply concerns.
International oil prices climbed to a six-week high on Tuesday as Yemen's Houthi rebels attacked Saudi facilities and raised supply concerns.
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自由时报29 minutes agoBusiness2 min readChinaView original

International oil prices climbed to a six-week high on Tuesday as Yemen's Houthi rebels attacked Saudi facilities and raised supply concerns.

international oil pricesBrent crude oilWTI

Quick Look

  • International oil prices climbed to a six-week high on Tuesday (8th) as Yemen's Houthi armed forces attacked Saudi Arabia's energy facilities, causing fires at oil facilities.
  • Brent crude oil closed at US$97.92 per barrel, and WTI closed at US$93.03 per barrel.
  • The attack injured more than 70 people and threatened energy supplies in the Middle East.

AI-generated summary

Why It Matters

The Yemeni Houthi armed forces have been attacking Saudi targets for a long time, and this is one of the largest attacks. The Strait of Hormuz is a key oil transportation channel in the world, and about 20% of the global oil supply is transported through it. The end of the Russo-Ukrainian war may allow Russia to increase energy exports.

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International oil prices climbed to a six-week high on Tuesday (8th). (Bloomberg)

[Financial Channel/Comprehensive Report] International oil prices climbed to a six-week high on Tuesday (8th) after the Iranian-backed Yemeni rebel "Youth Movement" (Houthis, Houthi armed forces) attacked Saudi Arabia's energy facilities, causing oil facilities to catch fire and threatening to significantly expand the Middle East war that has lasted for six months.

Brent crude futures rose 92 cents, or 0.9%, to settle at $97.92 a barrel.

Please read on...

U.S. West Texas Intermediate (WTI) crude oil futures in New York rose $1.55, or 1.7%, to settle at $93.03 a barrel.

This kept both crude oil benchmark prices in the technical overbought zone; Brent crude oil hit its highest closing price since July 23 for the second consecutive day, and WTI hit its highest closing price since June 4.

Youth movements attacked four cities in southern Saudi Arabia on Tuesday. The attack in Saudi Arabia, a U.S. ally, injured more than 70 people and caused a fire at an oil facility.

Media controlled by the youth movement reported late on Tuesday that Saudi warplanes launched air strikes in the province of Jubah, east of the Yemeni capital Sanaa, and in the southwestern province of Taiz.

Saudi Arabia, the world's second-largest crude oil producer after the United States, currently avoids the Strait of Hormuz by shipping oil westward to the Red Sea. Tuesday's attack, however, appears to be one of the largest ever launched against Saudi Arabia and threatens to further exacerbate the war's impact on the global economy by disrupting Middle East energy supplies beyond the blockade of the Strait of Hormuz.

Wall Street is also beginning to face the possibility that shipping disruptions in the Middle East may last until 2027. Goldman Sachs, HSBC and other banks raised their crude price forecasts for the remainder of 2026 and into 2027.

The number of commodity ships sailing through the Strait of Hormuz totaled seven on Monday, Kpler data showed, down from eight the previous day.

Before the United States and Israel attacked Iran in February, about 20% of the world's oil supply passed through the Strait of Hormuz.

Crude oil futures pared some of their earlier gains after U.S. President Donald Trump told Russian President Vladimir Putin in a phone call on Tuesday that he wanted a quick end to the war in Ukraine that would allow for a full restoration of U.S.-Russian relations. The Kremlin said Putin supported the US president's views.

The end of the Russo-Ukrainian war may allow Russia to increase energy exports. According to U.S. energy data, Russia will be the world's third largest crude oil producer in 2025, ranking behind the United States and Saudi Arabia. It is also a member of the OPEC+ oil-producing country group.

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What to Watch

AI outlook — possibilities, not facts

  • Goldman Sachs, HSBC and other banks will maintain or further increase their oil price forecasts for 2026-2027

    Likely · Within weeks

  • If the Russo-Ukrainian war ends, Russia will increase energy exports

    Possible · Within months

Open Questions

  • Will Saudi Arabia retaliate against the Yemeni Houthis?
  • Will the United States increase military support to Saudi Arabia?
  • After the Russo-Ukrainian war, will Russia really increase oil exports to affect global prices?
  • Will shipping disruptions in the Strait of Hormuz continue until 2027?

Related Topics

international oil prices
PeopleDonald TrumpVladimir Putin
OrganizationsYemen Houthis armed forcesSaudi ArabiaGoldman SachsHSBC
PlacesStrait of HormuzJubahTaiz Province
TopicsBrent crude oilWTIYemen Houthis armed forcesSaudi ArabiaStrait of HormuzGoldman Sachs
This article was originally published by 自由时报.

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