Oil jumps above $101, Houthi attacks fuel supply concerns

MG News | October 07, 2026 at 09:30 AM GMT+05:00

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October 07, 2026 (MLN): Oil prices moved higher on Wednesday as renewed attacks by Yemen’s Iran-backed Houthis on Saudi Arabia heightened concerns over potential disruptions to crude supplies from the Middle East.

Currently, Brent crude futures is up, 1.93%, at $101.54 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is up by $1.47, or 1.66%, to $90.15 per barrel by [09:25 am] PST.

The rise in prices came despite signs of improving physical supply. Saudi Energy Minister Prince Abdulaziz bin Salman said oil flows through the kingdom’s East-West Pipeline had reached 5.8 million barrels as of Tuesday morning.

However, renewed geopolitical tensions continued to weigh on market sentiment. Saudi Arabia’s aviation authority reportedly said the airports in Jazan and Najran were targeted in two attacks on Tuesday, amid escalating hostilities between the Houthis and Saudi Arabia.

Naeem Aslam, chief investment officer at Zaye Capital Markets, said oil markets remain caught between improving physical supply conditions and continued geopolitical risks.

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Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	68,990.00	71,540.00 67,585.00	-2515.00 -3.52%
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SUGAR #11 WORLD	18.40	18.54 18.16	0.18 0.99%