Crude Oil Prices Soar as Houthi Attacks on Saudi Facilities Escalate Conflict

The price of crude oil remains high after Iran-backed Houthis in Yemen attacked Saudi Arabia's energy facilities, setting installations ablaze and threatening a major expansion of the six-month-old Middle East war.

Brent futures traded at $97.92 a barrel, while US West Texas Intermediate (WTI) crude settled at $93.03 per barrel during the session.

The Houthis attacked four cities in the south of Saudi Arabia, which is an ally of the US, on Tuesday, wounding more than 70 people and setting oil installations on fire.