Oil prices rise 2% as Houthi missiles add to supply fears
Satellite imagery shows repairs and bypass construction of the Saudi Arabia East-West pipeline days after damage following a drone attack, near Al Mesbaah, Al Madinah Province, Saudi Arabia, September 22, 2026. Vantor/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. NO RESALES. NO ARCHIVES. MANDATORY CREDIT. DO NOT OBSCURE LOGO.
Read a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
NEW YORK, Sept 24 : Oil prices rose about 2 per cent on Thursday after a Houthi missile attack on Saudi Arabia revived supply disruption fears, but pared earlier gains on reports the US and Iran discussed reopening the Strait of Hormuz.
Brent futures rose $2.04, or 2.0 per cent, to $105.12 a barrel at 12:29 p.m. EDT (1629 GMT), while US West Texas Intermediate crude rose $1.99, or 2.2 per cent, to $94.15.
Earlier in the day, both crude benchmarks were up about 5 per cent, with WTI on track to rise for the first time in seven days after falling about 13 per cent over the prior six days.
US and Iranian negotiators in New York are exploring a phased path out of war that would involve Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade of Iran, sources close to the talks said.
Guess Word
Crack the word, one row at a time
Buzzword
Create words using the given letters
Mini Sudoku
Tiny puzzle, mighty brain teaser
Mini Crossword
Small grid, big challenge
Word Search
Spot as many words as you can
The strait has become the central bargaining chip in efforts to end the nearly seven-month US-Iran conflict, with Iran seeking relief from the US blockade that is choking its economy and Washington seeking free passage for ships on the global oil supply route now blocked by Tehran.
The talks, however, face a big obstacle as neither side wants to be the first to surrender its leverage, according to comments to Reuters by two Iranian sources, two regional officials and two Western diplomatic sources.
MISSILES STILL FLYING
Saudi Arabia intercepted six ballistic missiles fired by Yemen’s Iran-backed Houthis on Thursday, thwarting attacks on the southern province of Taif and Yanbu area on the Red Sea, the Saudi-led coalition in Yemen said.
Iranian flights to Gulf neighbors, including travel hub Dubai, appeared to have been canceled on Thursday after a US deadline passed for global firms to halt work with Iran’s airlines, a major step in a campaign US President Donald Trump calls “economic D-Day.”
With the US-Israeli war against Iran largely stalemated for months on the battlefield, Washington has announced a shift in tactics to extend the reach of its financial sanctions by targeting companies from third countries that do business with Iranian firms, a practice known as “secondary sanctions”.
Iran threatened on Wednesday to retaliate against any neighboring countries that comply with the US ban on its flights, by making their airports “unusable”.
Separately, Saudi Arabia is building up crude pumping volumes through its East-West Pipeline that runs to its Red Sea export hub of Yanbu, although crude tanker loadings have yet to resume, according to industry sources, satellite imagery and shipping data.
DIESEL PRICES
With diesel prices hitting record highs in recent weeks due to supply disruptions in Russia and the Middle East, high-level contacts between the European Union and the United States are ongoing amid a reported US plan to ban diesel exports that the EU believes would potentially have a negative impact on both sides.
Moscow has imposed an export ban due to Ukrainian attacks on Russian refineries and other energy infrastructure and Iranian attacks on ships and other energy infrastructure in the Middle East.
Politico reported that the US was preparing a 90-day ban on diesel exports amid a spike in prices ahead of the November midterm elections, though US Energy Secretary Chris Wright has disputed that.
Analysts and market watchers have warned a US diesel export ban would do little to ease high energy prices and could worsen global supplies and further disrupt economies.
Source: Reuters
Sign up for our newsletters
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
