Oil Prices Rise Following Houthi Strike on Aramco and Iranian Shipping Threats

Key Facts

1Houthis targeted a Saudi Aramco administrative building in Dhahran, causing a limited fire, with warnings of continued strikes.

2Iran flagged new tactics to target ships to keep oil prices high, as a container ship sank south of the Strait of Hormuz after hitting a mine.

3A private inventory survey showed a huge headline crude oil draw, supporting price gains.

Oil prices rose after Houthis targeted a Saudi Aramco administrative building in Dhahran, causing a limited fire. Reuters reported that the attacks occurred as Iran announced new tactics to target vessels to maintain high price levels, coinciding with the sinking of a container ship south of the Strait of Hormuz after hitting a naval mine.

A private inventory survey supported price gains by showing a significant headline draw in US crude stocks. In related developments, the International Energy Agency lowered its 2026 global oil demand forecast to a decline of 2.6 million barrels per day, while Brent settled near $106 and WTI hit a three-week high of $95.