Oil prices rise after Houthi attacks on Saudi Arabia — The National

Global oil prices rose on Wednesday amid new Houthi attacks on Saudi Arabia and market concerns over a possible resumption of large-scale US strikes on Iran. According to The National, at 2:00 p.m. UAE time, Brent rose by 0.87% to $114.87 per barrel, while US WTI gained 1.59%, reaching $101.49 per barrel.

Attacks in Saudi Arabia

The Saudi coalition said it intercepted and destroyed a ballistic missile in the morning that the Iran-linked Yemeni Houthis had launched toward the city of Taif. Earlier, the Houthis reported a drone attack on Abha International Airport. The Saudi side did not immediately confirm the strike.

At the start of the session, oil prices rose by more than 2%. After falling by around 1.6% on Tuesday, quotations have generally remained nearly unchanged since the beginning of the week, but are holding near multi-month highs.

More current news is available on the UA.News Telegram channel Telegram.

Negotiations with Iran and UBS forecast

Qatari mediators handed Iran a new draft agreement on ending the US and Israeli war against the country. An unnamed official told Reuters that Tehran is considering the document and may respond by the end of the week. At the same time, The Wall Street Journal wrote that Washington had warned several Arab Persian Gulf states of the need to prepare for a possible resumption of the US military campaign against Iran after the November 3 midterm elections.

Swiss bank UBS raised its price forecast and expects Brent to remain near $110 per barrel through the end of the year. The bank cited a supply shortage, declining global inventories, record freight costs, limited tanker fleet capacity, and China's resumption of oil imports.