Oil Rises as Iran-Backed Houthis, Saudi Arabia Tensions Escalate
Crude oil prices rose amid worries over supply disruptions as tensions continue to escalate in the Middle East with fighting between Iran-backed Houthis and Saudi Arabia.
International benchmark Brent crude futures for December delivery rose 0.3% to $105.97 per barrel, up from $105.69 at the previous close. US benchmark West Texas Intermediate (WTI) crude futures for November delivery increased 0.3% to $94.38 per barrel from $94.14.
Rising clashes between Iran-backed Houthis in Yemen and Saudi Arabia strengthened concerns over oil supplies in the region.
Four people were injured and 15 homes sustained minor damage after debris from two intercepted cruise missiles fell in Saudi Arabia’s capital Riyadh, authorities said early Wednesday.
Saudi Civil Defense said the missiles were launched by Yemen’s Houthi group and intercepted Tuesday, with falling debris injuring two women, a man and a child.
The agency said emergency procedures were carried out following the incident.
In a separate announcement, Saudi-led coalition spokesman Turki al-Maliki said coalition forces intercepted and destroyed another cruise missile in Al-Kharj, southeast of Riyadh.
Meanwhile, the Saudi Energy Ministry said an administrative building belonging to Saudi Aramco in the eastern city of Dhahran was targeted Tuesday evening, sparking a small fire.
The ministry said emergency teams responded to the incident and took the necessary measures, confirming that no injuries or deaths were reported.
Earlier Tuesday, the Saudi-led coalition said it had intercepted and destroyed six missiles and drones launched by the Houthis toward the kingdom.
Al-Maliki said forces had intercepted missiles heading toward Haradh and Dhahran, while the coalition reported debris falling in a residential area in Dhahran.
The coalition also reported intercepting cruise missiles and drones in the Riyadh region and southern Saudi Arabia.
The attacks are increasing concerns over oil production and shipments in the region, supporting the upward movement in prices.
Meanwhile, continued attacks targeting energy infrastructure in Russia and Ukraine heightened fears of supply disruptions.
Ukrainian President Volodymyr Zelenskyy said Russia had targeted a power plant in the capital Kyiv and that a residential building was also damaged in the attack.
Zelenskyy said Ukraine had not received advance intelligence from its international partners about Russia’s ballistic missile attacks.
He said Russia continued to target Ukraine’s energy infrastructure, stressing that the United States should accurately assess developments on the ground and identify the party responsible for prolonging the war.
Zelenskyy noted that Russia had refrained from attacking Ukraine’s energy sector for two days after US President Donald Trump’s announcement of a ceasefire on energy infrastructure.
However, he alleged that Moscow had continued to target Ukraine’s energy facilities and critical infrastructure.
Ukraine was ready to take reciprocal steps to de-escalate tensions, Zelenskyy said, adding that pressure on Russia needed to be increased to achieve this. IMF Hikes 2026 Global Economic Growth Estimate to 3.1%

