WTI Crude Jumps $2.45 After Houthis Fire Missiles at Saudi Arabia

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Summary · why it matters

West Texas Intermediate crude futures on the New York market closed up $2.45, or 2.7%, at $94.61 a barrel on Thursday, September 24, after the Iran-backed Houthi group fired missiles at Saudi Arabia, raising concerns that oil supplies in the Middle East could be disrupted. Saudi forces intercepted six of the missiles, while Brent crude for November delivery closed up $3.52, or 3.4%, at $106.60 a barrel. On sanctions, U.S. Treasury Secretary Scott Bessent announced a ban on Iranian airlines operating as of Wednesday, September 23, barring Iranian carriers from flying to neighboring countries including the United Arab Emirates and Oman. Iran threatened to retaliate against neighboring countries that comply with the measures. Oil prices pared gains, however, after sources said U.S. and Iranian negotiators in New York were considering a step-by-step approach to ending the war, including Iran reopening the Strait of Hormuz and the United States lifting its economic blockade of Iran. Investors are also watching a U.S. ban on diesel exports after Politico reported, citing sources, that the Trump administration is preparing a plan to halt diesel exports for 90 days to lower domestic energy prices ahead of the November 3 midterm elections. Analysts warn this could push up diesel prices on global markets and drive up costs across the U.S. economy.

Impact on assets 3

Others▲ · 3 stocks
⛏Brent Crude Oil Futures
BRENT
▲ PositiveGeopoliticsrelevance

Brent crude jumped on the same Houthi attacks on Saudi Arabia and fears of Middle East supply disruption.

⛏Crude Oil WTI Futures
WTI
▲ PositiveGeopoliticsrelevance

Houthi missile attacks on Saudi Arabia raised concerns of Middle East oil supply disruption, lifting WTI crude.

⛏Heating Oil Futures
HEATOIL
▲ PositiveTariffrelevance

A reported U.S. plan to halt diesel exports for 90 days could tighten global distillate supply and push up diesel/heating oil prices.

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