Oil prices climbed to a fresh six-week high on Tuesday as attacks by Iran-backed Houthis in Saudi Arabia raised concerns that the expanding Middle East conflict could further disrupt global energy supplies. Brent crude futures rose $0.92, or 0.9%, to settle at $97.92 per barrel, while U.S. West Texas Intermediate (WTI) crude increased $1.55, or 1.7%, to $93.03 per barrel.

The attacks targeted several cities in southern Saudi Arabia and reportedly set oil facilities on fire, marking a significant escalation in threats to Saudi energy infrastructure. Saudi Arabia, the world’s second-largest crude oil producer behind the United States, has been using alternative routes to move oil to the Red Sea as traffic through the Strait of Hormuz remains severely restricted.

The Strait of Hormuz remains a major concern for global energy markets. Before the conflict began in late February, approximately 20% of global oil supplies passed through the waterway. Kpler data showed only seven commodity vessels traveled through the strait on Monday, down from eight the previous day.

The prolonged disruption is also raising concerns about fuel prices and inflation. U.S. diesel prices reached record highs last week, while gasoline prices also reached record levels around the Labor Day weekend. Industry executives expect global diesel supplies to remain tight through the winter because of limited spare refining capacity, disruptions to Russian exports and seasonal demand.

Higher energy costs are increasing concerns that persistent inflation could influence central-bank interest-rate decisions and weigh on economic growth and fuel demand. At the same time, financial institutions have raised their crude-price forecasts as markets increasingly anticipate that Middle East shipping disruptions could continue into 2027.

Oil prices gave back some of their earlier gains after President Trump spoke with Russian President Vladimir Putin about ending the Russia-Ukraine war. A resolution could potentially allow Russia to increase energy exports, adding supply to global markets.

China’s crude oil imports also remain a concern for demand. Although August imports improved from July, volumes were 23.4% below the same month last year. China has also restricted refined-product exports since March in an effort to protect domestic supplies amid weaker domestic fuel consumption and higher prices.

• Where: Loews Arlington Hotel
• Attending: Brian Baker (239.297.4519), David Cohen (954-729-4774), and Curtis Chandler (239-405-3365)
• Conference Website

• Where: The Westin Galleria Dallas
• Attending: David Cohen (954-729-4774), and Curtis Chandler (239-405-3365)
• Conference Website

• Where: The Westin Galleria Dallas
• Attending: Brian Baker (239.297.4519)
• Conference Website