Oil prices jump 4% as Houthis fire missiles at Saudi Arabia
USO•Oil prices rose about 4% to a one-week high after the Houthis fired missiles at Saudi Arabia and US-Iran diplomatic talks showed little sign of progress. Brent reached $107.18 a barrel and WTI $95.82.
1. Prices rise on tensions
Brent futures rose $4.10, or 4.0%, to $107.18 a barrel, while US West Texas Intermediate crude gained $3.66, or 4.0%, to $95.82. Saudi Arabia intercepted six ballistic missiles fired by the Houthis, the Saudi-led coalition in Yemen said.
2. Exports and shipping costs
Saudi Arabia is increasing crude pumping through its East-West Pipeline to Yanbu, though tanker loadings have yet to resume. US crude exports averaged 3.3 million barrels per day in the week ended September 18, down from a record 6.4 million bpd in April; the article cited soaring tanker charter costs.
