Saudi Arabia said it intercepted a wave of six ballistic missiles fired by Yemen’s Iran-backed Houthis, according to the Guardian, in the latest escalation of hostilities that has rattled energy markets.

The Saudi-led coalition in Yemen said the missiles were aimed at Taif in western Saudi Arabia and the Yanbu area on the Red Sea. Yanbu serves as the main alternative route for Saudi oil, giving the strikes particular significance for global supply concerns.

The Houthis, for their part, claimed their attacks were aimed at what they described as a ‘sensitive target’ in the capital Riyadh and on Saudi Aramco facilities. The differing accounts of the intended targets reflect the competing narratives that have characterised the conflict.

The reported attacks pushed oil prices to a one-week high, according to the Guardian, as traders weighed the possibility of spiralling supply disruptions in a region central to global energy production.

Saudi Arabia is one of the world’s largest oil producers, and any threat to its export infrastructure carries the potential to move international markets. The targeting of the Yanbu area, a key alternative route for Saudi crude, added to concerns among investors.

The exchange marks the latest flashpoint in the long-running conflict in Yemen, where the Saudi-led coalition has been engaged against the Houthi movement for years.