Saudi Arabia intercepts wave of Houthi missiles as oil climbs to one-week high

Saudi Arabia's military intercepted a wave of missiles fired by Yemen's Houthi rebels, with the attacks aimed at key locations in the country including Taif and the Yanbu area on the Red Sea. This has led to a surge in oil prices, which have reached a one-week high, due to concerns over potential supply disruptions. The impact of these disruptions could be significant for the global economy, particularly for countries reliant on oil imports. As a result, oil prices are likely to remain volatile in the coming days.

Why it matters

The Houthi missile attack on Saudi Arabia has raised concerns about oil supply disruptions. This could lead to higher oil prices and increased volatility in the market.

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