**WTI Crude Oil Prices Surge After Houthi Attack on Saudi Tankers**
On Wednesday, September WTI crude oil prices closed up by 2.95%, reaching $86.86 per barrel, following a missile and drone attack by Iran-backed Houthis on two Saudi oil tankers in the Red Sea. This incident threatens oil shipments and has emerged as a significant escalation in regional tensions, pushing global crude oil supplies tighter with a notable risk of blockades on Saudi exports from Yanbu.
The U.S. is responding to the situation, with President Trump stating that the country will take action if a blockade occurs. In addition, Russian crude output has fallen to its lowest level in 2.5 years, averaging 8.928 million barrels per day, due to ongoing drone attacks from Ukraine on Russian oil infrastructure. Meanwhile, the U.S. Energy Information Administration reported an unexpected rise in crude inventories by 2.01 million barrels as of July 17, with U.S. production slightly decreasing to 13.798 million barrels per day.
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