… It was the first time alerts have been issued in Riyadh since the Houthis increased their attacks and declared a “maritime embargo” on the Saudis in July. …
… In the Middle East, Saudi warplanes pounded Yemen, the Houthis said, as the Iran-backed fighters solidified their gains after a lightning advance. …
… But the Houthis, an Iran-backed armed group that controls much of western Yemen, denied targeting Mecca and accused Saudi Arabia of “fabrications and lies”. …
… Sources said on Tuesday that oil loadings at Saudi Arabia’s Yanbu port had been suspended after the world’s biggest crude exporter shut its East-West pipeline following an attack by Yemen’s Iran-aligned Houthis on Friday. …
… On Saturday, Saudi Civil Defence said in a statement that a projectile fired by the Houthis had injured two people in Jazan region, and damaged several buildings, including a mosque. …
… The Houthis claimed separately to have struck a Saudi military base in a neighbouring province following their capture of Perim Island in the Bab El-Mandeb, the “Gate of Tears” strait that controls the mouth of the Red Sea. …
… On Saturday, Saudi Civil Defence said in a statement that a projectile fired by the Houthis had injured two people in Jazan region, and damaged several buildings, including a mosque. …
Residents in Riyadh received air raid alerts and explosions were reported in the Saudi capital after the Iran-backed Houthis escalated attacks. It was the first such alert in Riyadh since the Houthis declared a "maritime embargo" in July and seized control of the strategic port city of Mokha and Perim Island.
Residents in Riyadh received air raid alerts and explosions were reported in the Saudi capital after the Iran-backed Houthis escalated attacks. It was the first such alert in Riyadh since the Houthis declared a "maritime embargo" in July and seized control of the strategic port city of Mokha and Perim Island.
Spot gold climbed 1.1% to $4,310.49 per ounce on Thursday as investors processed the Federal Reserve's interest rate hike and signals of further tightening, while oil prices fell as Saudi Arabia offered additional crude cargoes through Oman. An analyst expects gold to remain range-bound unless oil prices decline further, noting the Fed's hawkish message is already priced into the market.
Saudi Arabia's coalition spokesman said it intercepted and destroyed a Houthi drone south of Mecca on Tuesday evening. The Houthis denied targeting the holy city, saying their operations target Saudi oil facilities and military bases, and accused Saudi Arabia of "fabrications and lies."
Oil prices fell on Wednesday after U.S. crude inventories rose unexpectedly by 7.1 million barrels, contrary to analyst expectations for a draw of 1.6 million barrels. Brent crude fell 0.86% to $107.82 a barrel and U.S. West Texas Intermediate fell 0.92% to $104.86 a barrel, as investors assessed supply risks following Saudi Arabia's suspension of oil loadings at Yanbu port after an attack on its East-West pipeline.
A vessel in the Strait of Hormuz was hit by a projectile and caught fire, prompting crew evacuation, as Saudi Arabia closed its East-West pipeline after a drone attack. The disruptions raise concerns about Middle East energy supplies, which have already sent Brent crude above $100 a barrel.
Oil prices jumped more than 2% on Monday following new Houthi strikes on Saudi Arabia and Iranian attacks on ships in the Gulf, compounded by the closure of a key Saudi oil pipeline that threatens up to 4% of global oil supply. Brent crude futures rose $2.90 to $107.51 per barrel and WTI futures rose $2.27 to $102.32 per barrel.
A regional diplomatic meeting between Iran and Persian Gulf powers, scheduled for Monday, was postponed "in the interests of consensus," according to Oman's foreign minister. The postponement came amid fresh attacks on Middle East oil transit routes and Saudi Arabia's closure of a 1,200-km pipeline damaged in drone strikes.
Maritime trackers reported a projectile hit a vessel in the Strait of Hormuz on Sunday, with the crew evacuated after a fire broke out. The incident follows Saudi Arabia's temporary closure of its East-West pipeline after a drone attack, raising concerns about global oil supply disruptions as Brent crude surges above $100 a barrel.
US President Donald Trump said the Iran war will not end until after November's midterm elections, and that oil prices will remain high until then. Trump argued that short-term economic pain is necessary to prevent Tehran from developing nuclear weapons, though Tehran has denied it is seeking nuclear weapons.
US President Donald Trump said the Iran war will not end until after November's midterm elections, with oil prices rising to $100 for the first time since July amid heightened Middle East fighting. Trump told reporters he expects oil prices to fall "right after the election" and suggested Iran is "desperate to try and affect the election."
Brent crude futures rose above $100 a barrel for the first time since late July as Iran and the U.S. escalated attacks on tankers in the Strait of Hormuz, with Iran reporting strikes on 10 ships and the U.S. sinking five Iranian oil tankers. Oil markets are reassessing expectations for how long supply disruptions from the region will persist.
Iran said it attacked 10 ships near the Strait of Hormuz after the U.S. sank five Iranian oil tankers, in the biggest declared wave of attacks on shipping by both sides since a six-month-old war began. The attacks sent oil prices surging, with Brent crude breaching $100 a barrel for the first time since July, and the U.S. average retail diesel price hit a fresh all-time high above $5.94 a gallon.
Brent crude oil futures surpassed $100 a barrel on Wednesday, a more than six-week high, amid intensifying Middle East conflict that threatens oil flows from the region. Prices have risen a quarter since early last month as the six-month-old U.S.-Iran conflict continues, with recent Houthi attacks on Saudi energy facilities and crude shipments via the Red Sea raising supply concerns.
Oil prices rose for the fourth consecutive session as renewed Middle East attacks, including Iranian-backed Houthi strikes on Saudi cities and U.S. strikes on Iranian tankers, heightened concerns about supply disruptions. Brent crude reached $99.33 a barrel, up 1.4%, as analysts warn the market continues to price in a "sizeable risk premium" with peace talks still distant.
Iran reported 18 dead and 108 wounded from recent U.S. strikes, including four killed and 67 wounded at a wedding ceremony. The escalation has prompted concern over civilian casualties and prompted regional alarm, with Iran launching retaliatory missile and drone attacks.
Oil prices climbed Tuesday after Iran said it would adopt a "fully offensive" military posture and the U.S. ruled out extending a ceasefire agreement, with progress toward reopening the Strait of Hormuz stalled. Brent crude rose 0.3% to $91.14 a barrel and U.S. West Texas Intermediate gained to $85.04.
Oil prices climbed on Wednesday as doubts over a U.S.-Iran peace deal and attacks on ships in the Middle East heightened supply concerns, with Brent futures gaining 0.81% to $89.63 a barrel and U.S. WTI crude rising 0.85% to $83.91.
Oil and gold prices climbed on Wednesday as geopolitical tensions escalated, including separate attacks on shipping by the U.S. and Iran-aligned Houthis, and a North Korean missile launch, ahead of U.S. consumer price index data expected to signal potential Federal Reserve rate decisions. U.S. crude rose to $83.94 a barrel and Brent to $89.60 per barrel, while spot gold gained to $4,387.03 an ounce.
Oil prices held at one-week highs on Tuesday as hopes for a US-Iran peace deal dimmed following President Trump's demands for compensation, with Brent crude at $87.81 a barrel and U.S. West Texas Intermediate at $82.20. Saudi Aramco has postponed the restart of its Jazan refinery to August 30 after the Houthis claimed attacks on the plant.
Oil prices rose Monday as Iran said a deal with Oman on new shipping lanes was in final stages but insisted the U.S. must meet other conditions before the Strait of Hormuz reopens. Brent crude rose to $84.46 a barrel and U.S. West Texas Intermediate to $78.79, with both benchmarks recovering from last week's 7% decline that followed hopes for a deal.
Oman says positive talks are underway with Iran over an agreement to secure a shipping route through the Strait of Hormuz, though Iran warns that any deal would not immediately reopen the waterway. Iran says reopening depends on other conditions, including US compensation for alleged violations of a ceasefire agreement.
Oil prices extended gains on Friday as Iran, working with Oman, proposed banning vessels deemed hostile from the Strait of Hormuz and imposing heavy fines for violations. Brent crude rose to $83.29 a barrel and U.S. West Texas Intermediate to $77.93, with analysts attributing the move to concerns over Iran's draft plan to ban U.S. and Israeli vessels from the strait through which roughly a fifth of the world's oil and liquefied natural gas is transmitted.
Oil prices declined Thursday as Iran and Oman reported progress on talks regarding a shipping route through the Strait of Hormuz, with investors watching for signs of a broader U.S.-Iran peace deal. Brent crude fell 0.42% to $79.12 per barrel, while U.S. West Texas Intermediate dropped 0.56% to $74.80 per barrel.
Iran says it has reached an agreement with Oman on a shipping route through the Strait of Hormuz, with geographical coordinates agreed in final stages. Iran's foreign ministry spokesman warned that the deal alone would not guarantee safe navigation, citing the US blockade of Iran's ports as a continuing security threat.
Oil prices fell to a three-week low as US officials announced progress in talks with Iran on reopening the Strait of Hormuz waterway. Brent crude dropped nearly 5% to under $80 a barrel, with US West Texas Intermediate also falling more than 5% to $76, both reaching their lowest levels since 13 July.
Oil prices rebounded 1% on Tuesday after a steep plunge, driven by concerns that Middle East supply remains at risk as diplomatic resolution to the U.S.-Iran war seems unlikely. Brent futures rose to $84.89 a barrel and WTI crude to $81.11, though Iran's Foreign Ministry rejected Trump's claims of ongoing negotiations to end the conflict over control of the Strait of Hormuz, a channel for about a fifth of global crude oil and natural gas shipments before the conflict.
Saudi Arabia, which has largely avoided involvement in the US-Iran conflict since 28 February, has begun conducting joint strikes with the US on Iranian proxy militias in Iraq after being attacked from three sides. The kingdom now faces a choice between continuing retaliatory strikes as a deterrent or attempting to de-escalate through negotiation.
The US military has conducted strikes on Iran for the 13th consecutive night, with Iranian state media reporting four killed and five injured. President Trump said he would use frozen Iranian assets to fund damage to ships caused by attacks, while Iran's Foreign Minister condemned the threat as an incendiary precedent.
Yemen's Houthi fighters have attacked shipping in the Red Sea, forcing vessels to turn back from the Bab El Mandeb strait and threatening to disrupt the main maritime route from Europe to Asia. The attacks come amid escalating US-Iran strikes and a Saudi-nuclear deal that has raised regional tensions.
Oil prices rose more than 1.5% to their highest in more than six weeks as the United States launched new strikes on Iran and Yemen's Houthis targeted oil tankers in the Red Sea. Brent crude futures rose to $96, while U.S. West Texas Intermediate crude rose to $88.27, driven by escalating tensions over control of key shipping routes including the Strait of Hormuz.