Oil settles higher after Saudi missile interceptions

Oil prices rose about 3% on September 24 after Saudi Arabia’s Saudi-led coalition said it intercepted six ballistic missiles fired by Yemen’s Houthi movement toward Taif and the Yanbu area, reviving concern about supply disruptions. Prices later retreated from session highs as reports of exploratory U.S.-Iran discussions about the Strait of Hormuz offered a counterweight to those concerns. Brent crude settled at $106.60 a barrel, up $3.52, or 3.4%, while U.S. West Texas Intermediate rose $2.45, or 2.7%, to $94.61. Both contracts had been up about 5% at their session peaks. The figures reflect Thursday’s settlement; prices were reported at different levels in earlier intraday accounts. The coalition’s account of the interceptions was repeated in reporting based on its statement. The Houthis separately said they launched missile and drone attacks, including at a target in Riyadh and facilities belonging to Saudi Aramco in Yanbu, and claimed the operations succeeded. Saudi authorities had not confirmed damage or casualties from those claimed strikes, leaving their effects unclear. The market reaction came amid concern over the security of oil infrastructure and shipping routes.