Brent Oil Surges Near $108 as Houthi-Saudi Tensions Escalate

Brent oil prices continued their upward trajectory, reaching near $108 per barrel as tensions between Yemen-based Houthi militants and Saudi-backed forces escalated.

Fighting has intensified across the Middle East over the past two weeks, with Houthi assaults on Saudi energy facilities forcing some operations to halt. The global benchmark surged more than 6% in the previous session and is on track for its biggest weekly gain since July.

A recent pickup in crude purchases by China has tightened the global market, contributing to the price hike. West Texas Intermediate traded around $102 a barrel.

RBC Capital Markets LLC analysts warned that a resumption of a full-blown Saudi-Houthi war could be a potential catalyst for higher oil prices.