Houthi Attack Sends Oil Prices Soaring Above $80

Oil prices rebounded on Wednesday after Yemen's Houthi rebels attacked a Saudi oil tanker in the Red Sea. The benchmark Brent crude rose by 1.49% to $80.54 per barrel, while West Texas Intermediate added nearly 1% to $76.46 per barrel.

The attack on the Saudi tanker Wafa in the northern Red Sea reignited concerns over Middle East supply risks. Houthi rebels claimed the strike was 'precise' but provided no details on damage or casualties.

Despite renewed talk of US-Iran negotiations, oil prices had sunk by more than 5% on Tuesday amid conflicting claims on peace talks between Washington and Tehran. The US President Donald Trump said Washington was restarting talks with Tehran, but Iran denied this, saying its only active discussions were with Oman on the reopening of the Strait of Hormuz.