Houthi Attack Sends Crude Oil Prices Soaring Amid Ongoing Iran Conflict

Yemen's Houthi rebels have launched a surprise attack on Saudi Aramco facilities, causing crude oil prices to surge. The price of Brent Crude, considered the global standard, rose by over 3% on Thursday due to fears of further disruption to fuel supply. According to Tim Waterer, Chief Market Analyst at KCM Trade in Sydney, 'oil prices will remain high as critical supply routes and structures are still at risk.'

The attack, which involved missiles and drones, targeted sensitive areas of Riyadh and Yanbu on the Red Sea coast. Saudi-led coalition forces claimed to have intercepted and destroyed 6 ballistic missiles fired by the Houthis.

Despite diplomatic efforts to resolve the conflict between America and Iran, oil prices are expected to remain above $100 per barrel as long as the war with Iran continues, according to Jun Goh, Senior Oil Market Analyst at Sparta Commodities in Singapore. He noted that the gap in global oil inventories is widening due to the lack of a clear solution.