Shock: Saudi Energy Facilities Hit in Multiple Attacks as Oil Prices Surge to Six-Week High

International oil prices climbed to their highest levels in six weeks after Iran-backed Houthi forces attacked Saudi energy facilities, setting installations ablaze and threatening to sharply widen the Middle East war, now in its sixth month.

Brent crude futures rose 92 cents, or 0.9%, to settle at $97.92 a barrel. U.S. West Texas Intermediate futures gained $1.55, or 1.7%, to close at $93.03. Both benchmarks remained in technically overbought territory. Brent posted its highest close since July 23 for a second straight day, while WTI reached its highest close since June 4.

The Houthis attacked four cities in southern Saudi Arabia on Tuesday. The strikes injured more than 70 people and sparked fires at oil facilities. Later that day, Houthi-controlled media reported that Saudi warplanes had carried out airstrikes in Jubah province east of Yemen’s capital, Sanaa, and in the southwestern province of Taiz.

Saudi Arabia, a U.S. ally and the world’s second-largest crude producer after the United States, has been sending oil westward through the Red Sea to avoid the Strait of Hormuz. The attack appeared to rank among the largest launched against the kingdom, raising concerns that the conflict could disrupt regional energy supplies beyond any blockade of the strait and deepen its impact on the global economy.

Wall Street has also begun to consider the possibility that disruptions to Middle East shipping could last until 2027. Goldman Sachs, HSBC and other banks raised their crude-price forecasts for the remainder of 2026 and for 2027. Kpler data showed seven commodity-carrying vessels passed through the Strait of Hormuz on Monday, down from eight the previous day. Before the United States and Israel attacked Iran in February, about 20% of global oil supplies moved through the strait.

Oil futures later gave up part of their gains after U.S. President Donald Trump told Russian President Vladimir Putin by phone that he wanted to end the war in Ukraine quickly, which would allow full restoration of U.S.-Russia relations. The Kremlin said Putin supported Trump’s view. An end to the war could enable Russia, the world’s third-largest crude producer in 2025 according to U.S. energy data, to increase energy exports.