Yemen’s Houthis have attacked an oil facility in southwestern Saudi Arabia. They also targeted a crucial port on the Red Sea. The attacks are part of ongoing tensions involving strategic waterways. On Sunday, a Houthi spokesperson said the attacks were in response to Saudi drones breaching Yemen’s airspace. Meanwhile, Iran and Oman are working on a temporary deal to reopen the Strait of Hormuz. The Pentagon is urging the U.S. defense industry to boost weapons production. Iran has made new demands for negotiations with the U.S., stating talks cannot resume until conditions are met.

A Senate committee has voted to hold Dr. Anthony Fauci in contempt of Congress and refer him to the Justice Department for potential prosecution over his refusal to answer questions at a hearing last week on his handling of the COVID-19 pandemic. Fauci invoked his Fifth Amendment right against self-incrimination more than 100 times at the hearing. Also, Iran said Wednesday it’s in the “final stage” of drafting an agreement with Oman over the Strait of Hormuz, and U.S. President Donald Trump has said a deal could be announced this week. The agreement is likely to be contingent on the U.S. lifting its blockade on Iran’s ports.

U.S. stocks ticked higher following strong profit reports from big companies. The S&P 500 added 0.4% Wednesday and pulled within 0.5% of its all-time high set last month. The Dow Jones Industrial Average rose 0.3%, and the Nasdaq composite climbed 0.6%. BlackRock helped lead the market after becoming the latest financial company to report a bigger profit for the latest quarter than analysts expected. Stocks got a lift from easing yields in the bond market after data showed U.S. inflation slowed at the wholesale level last month. Oil prices, though, rose toward their highest levels in a month.