Houthi Attack on Saudi Tanker Sends Oil Prices Soaring Again
Oil prices rose on Wednesday after Yemen's Iran-aligned Houthi rebels said they attacked a Saudi oil tanker in the Red Sea. The attack off the coast of Yanbu, a key port for Saudi crude oil exports, drove oil prices higher.
The Brent crude futures were up $0.74 or 0.93% at $80.10 a barrel by 1303 GMT, while U.S. West Texas Intermediate futures gained $0.16 or 0.21% to $75.93. The Houthis said they launched a missile attack on the Saudi oil tanker.
The attack dented investor hopes of a de-escalation in the Middle East conflict after Qatar said on Tuesday that mediators were making progress with efforts to end the war.
Priyanka Sachdeva, head of market insights at Phillip Nova, said 'while the immediate geopolitical premium has unwound, the broader supply picture warrants caution.'