Houthi Attacks Drive Oil Prices Higher
Mian Nadeem
Published September 08, 2026 | 05:51 PM
Crude oil prices have surged to $98.39 per barrel in global markets, according to a report.
London, (UrduPoint / Pakistan Point News - 8th Sep, 2026)
Oil prices reached their highest level in several weeks on Tuesday following Yemeni Houthi attacks on Saudi Arabia’s energy facilities and Iran’s threat of an “economic war” against the United States.
According to Reuters, Brent crude futures rose $1.39 (1.43%) to $98.39 per barrel by Tuesday afternoon. US West Texas Intermediate (WTI) crude was up $2.25 (2.46%) at $93.73 per barrel.
Earlier, Brent crude had hit a peak of $99.46 per barrel, while WTI climbed to $94.73 per barrel – both figures not seen since July 24 and June 8 respectively.
Operations at some energy facilities were suspended on Tuesday after 73 people were injured in Houthi attacks on Saudi Arabia.
Meanwhile, Iran threatened the United States with an “economic war” and claimed to have fired an advanced missile at US warships, stoking concerns of escalating tensions. The two countries have been exchanging attacks in recent days.
On Saturday, the US military’s Central Command (CENTCOM) alleged it had targeted three Iranian oil tankers, one near Kharg Island. CENTCOM stated these actions were taken in response to attacks by Iran's Islamic Revolutionary Guard Corps on US warships in the region.
Maritime traffic through the Strait of Hormuz has also slowed since this week’s beginning after Iran warned on Monday that it would retaliate for any further US attacks.