Oil hit a one-week high after Houthi rebels fired six ballistic missiles at Saudi targets, threatening key oil export routes.
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Oil prices swung wildly on Friday as investors weighed competing forces: hopes for a US-Iran truce against escalating Houthi attacks on Saudi Arabia's oil infrastructure. Brent crude rose to a one-week high before paring gains, reflecting market uncertainty over whether a diplomatic resolution could end the seven-month war or whether supply disruptions would deepen.
Yemen's Iran-backed Houthis launched six ballistic missiles at Saudi targets, including Taif and the Yanbu area on the Red Sea, the main alternative route for Saudi oil exports. The Saudi-led coalition said it intercepted the missiles, but the attacks pushed oil to its highest level in a week over fears of spiraling supply disruptions from OPEC's largest producer.
Iran's President Masoud Pezeshkian told Fox News the conflict was "imposed" on Tehran and warned Iran would respond "strongly" if attacks continue. "We did not choose war, the war was imposed on us. We do not seek war," he said Thursday. Tehran has also warned of a possible "new front" in the war following Trump's threat of annihilation.
China pressed for de-escalation as the Houthis launched a new wave of missile and drone attacks Friday morning. Saudi Arabia, the world's largest oil exporter, faces mounting pressure on its primary export routes while the US and Iran trade threats to expand hostilities.
Sources: 1.