Brent Oil Jumps Above $99 as Houthi Attack Widens Middle East Conflict

Brent oil prices rose above $99 on Tuesday as a confirmed Houthi attack on Saudi Arabia widened the oil risk map. The attack, which wounded over 73 people and triggered fires at some energy facilities, marked a new front in the Middle East conflict, adding to existing risks associated with Iran, the Strait of Hormuz, and tanker incidents.

The Houthi-Saudi front is significant because Saudi Arabia is one of the world's most important oil producers and exporters. The market must now consider not only disruption to transit through Hormuz but also the possibility that production and energy infrastructure on Saudi territory face a more persistent threat.

Iran has also made its threatened Gulf exclusion zone more specific, stating it would begin where the US blockade starts and extend into Gulf waters. Vessels entering the area could potentially be placed under Iranian sanctions.