Oil prices gained on renewed attacks by Houthis on Saudi Arabia

Oil prices rose on Wednesday amid furious fighting between Iran-backed Houthis and the Saudi Arabia-backed government in Yemen and an Iranian attack on a ship in the Strait of Hormuz, exacerbating supply disruption fears.

Following a wave of Houthi strikes on Saudi airports and energy infrastructure, including a deadly one last Saturday that killed 13 people, the Saudi-led coalition attacked the Yemeni capital of Sanaa, reported Investing.com. The Houthis retaliated on Wednesday by targeting Saudi Aramco’s complex in Dhahran, an Aramco refinery in Riyadh.

Brent crude futures expiring in December added about 35 cents for a gain of 0.4% to close at $106.10 a barrel.

West Texas Intermediate crude futures expiring in November rose 1.1% to settle at $95.17 a barrel on the New York Mercantile Exchange.

Natural gas gained $0.091 or 2.85% and closed at $3.289 MMBtu.

Only one of our Oklahoma energy stocks managed a gain in Wednesday’s trading as all of the remaining firms experienced losses for the day. Stardust Power plunged more than 35% while USA Rare Earth dropped more than 8%.