Oil jumps 4% on reported Houthi strikes

Oil prices rose roughly 3% to 4%, reaching one-week highs, after Yemen’s Iran-aligned Houthi group launched missile attacks targeting Saudi Arabia. Saudi-led coalition forces said they intercepted six ballistic missiles aimed at Taif and the Yanbu area, a Red Sea oil-export hub; the reported attacks heightened concerns about regional supply disruptions. Prices pulled back from intraday peaks amid reports of U.S.-Iran discussions, but prospects for a deal appeared uncertain, with the Strait of Hormuz blockade and U.S. sanctions remaining key points of tension. Saudi Arabia is also increasing crude shipments through its East-West Pipeline to Yanbu.