Oil prices fall as Saudi boosts exports after Houthi attacks
Oil prices just took a hit, with Brent crude dropping to $103.06 per barrel and US oil down to $99.41 per barrel.
The main reason? Saudi Arabia is pushing out more oil to steady things after missile and drone attacks on its facilities by Yemeni Houthis, which have kept the region on edge.
Saudi Arabia reroutes exports through Hormuz
To keep shipments flowing, Saudi Arabia rerouted exports through the Strait of Hormuz, bumping up its daily exports from 2.4 million barrels in August to over 4 million in September.
Meanwhile, China has asked Iran to help calm things down with the Houthis, and President Trump says he's open to meeting Iranian President Masoud Pezeshkian at the U.N.
Despite all this tension, Middle East oil exports are holding strong, crucial for keeping global supplies stable right now.