Oil extends gains following Houthi strikes on Saudi Arabia

Vessels near the Strait of Hormuz, as seen from Musandam, Oman, Aug. 24, 2026.Stringer | ReutersOil extended gains Tuesday, amid reports of fresh Houthi strikes on Saudi Arabia and attacks by Iran on ships in the Gulf.Futures for international benchmark Brent crude for November delivery gained 1.25% to $107.00 a barrel. U.S. West Texas Intermediate futures for October advanced 1.27% at $102.68 per barrel.Stock Chart IconStock chart icon Brent Saudi Arabia closed its critical East-West pipeline that bypasses the Strait of Hormuz, after drones launched from Iraq damaged it, exacerbating oil supply disruptions at a time when the market is already tight.Al Jazeera reported that the Saudi-led coalition in Yemen says 13 civilians were injured on Monday, after Houthi forces launched a wave of ballistic missile and drone attacks into Saudi Arabia.Meanwhile, Iran's military said it destroyed an advanced American drone over the Strait of Hormuz, following a series of operations by Tehran against U.S. unmanned naval systems in the Gulf. U.S. President Donald Trump said Sunday that the U.S. could continue its campaign against Iran and take control of its oil. U.S. Central Command also disputed...