Oil Prices Dip as Houthis Target Saudi Refinery
WTI crude oil futures fell 1% to $102 per barrel as investors balanced Houthi attacks on Saudi infrastructure against ongoing US-Iran diplomatic efforts.
West Texas Intermediate crude oil futures fell approximately 1% to around $102 per barrel on Thursday. The price drop followed a period of volatility driven by reports that the Houthis attacked Aden airport in Yemen and targeted the largest oil refinery in Saudi Arabia, a facility with a capacity of 550,000 barrels per day. Saudi authorities have not yet confirmed the strike on the refinery.
Market fluctuations coincide with conflicting diplomatic signals between the United States and Iran. Qatari mediators recently presented Iran with a draft deal intended to end the conflict with the US and Israel, but an Iranian official dismissed the proposal as unacceptable.
Within the US administration, Vice President JD Vance is reportedly engaging Iranian hard-liners to revive peace negotiations. This effort contrasts with statements from President Donald Trump, who has threatened to restart the war following the upcoming midterm elections.
