Houthis fired missiles and drones at Riyadh’s diplomatic sites and the Aramco refinery in Yanbu on Saturday, prompting security alerts across Saudi Arabia.
Aramco countered by redirecting exports through the Strait of Hormuz, a move traders cited by Reuters that lifted daily shipments to 4.3 million barrels per day in September, up from 2.4 million in August.
Kpler’s provisional data show Saudi crude output climbed to 4.3 M bpd, while global oil flows averaged 17.1 M bpd over the past ten days—still 6.1 M bpd below the 2025 seasonal average," said JPMorgan analysts.
Meanwhile, US President Donald Trump hinted at a meeting with Iranian President Masoud Peshvazkian at the UN General Assembly, while Iranian security chief Mohsen Rezaei set conditions for talks, as both sides exchanged threats on Sunday.
The price swing saw Brent futures dip 81 cents to $103.06, while WTI fell 89 cents to $99.41; Asian equities edged higher on chip‑maker gains, and US two‑year Treasury yields rose to 4.7604%, their peak since mid‑2024. Market participants now await the US‑Iran meeting scheduled for Wednesday, hoping it will stabilize supply dynamics.