Houthi Attack on Saudi Arabia Sends Oil Prices Higher

Oil prices rose on Monday after Yemen's Iran-backed Houthi group launched missile and drone strikes at Saudi Arabia's capital Riyadh on Saturday.

The attack escalated tension in the Middle East, which has been a major concern for global markets. The US and Iran remain in stalemate over their nuclear deal.

Brent crude futures climbed 81 cents, or 0.78 per cent, to $104.68 a barrel by 2202 GMT, while US West Texas Intermediate crude was at $101.06 a barrel, up 76 cents, or 0.76 per cent.