Oil Up 3% After Saudi Intercept of Houthi Missiles

Oil prices rose about 3% on fears of disrupted supplies after Saudi Arabia said it intercepted six Houthi ballistic missiles targeting Taif and Yanbu on Sept. 24. Prices eased on reports of US-Iran talks to reopen the Strait of Hormuz, a key oil shipping lane. Damage is unclear. Those lanes, in my view, shape risk.