Oil tops $106 after Riyadh airport attack

Oil markets were mixed on Wednesday, October 14, as fighting between Saudi Arabia and Houthi forces in Yemen intensified and raised concerns about supply disruptions. Brent crude futures edged up 0.64% to $106.17 per barrel, according to Mettis Global data, whereas West Texas Intermediate dropped $2.01, or 2.17%, to $94.60 a barrel by 9:48 am PST.

The escalation came after a lethal Houthi strike hit the main airport in Riyadh, and a Saudi-led coalition responded by targeting Houthi fuel depots and energy terminals in Yemen, according to Al Jazeera. A spokesperson for the coalition said it had taken precautions to avoid civilian casualties.

Tensions between Washington and Tehran also stayed high. US Central Command, in a post on X, rejected claims by Iran's Islamic Revolutionary Guard Corps Navy commander that Tehran held control of the Strait of Hormuz and threatened to sink approaching US warships. The command said American forces and regional partners still controlled the waterway, which is a critical route for oil shipments worldwide. Paul Tudor Jones, a veteran hedge fund manager and commodity trader, said on CNBC that he remained bullish on oil.