Houthi Attack Sends Oil Prices Soaring to $80.43 a Barrel

Oil prices jumped on Wednesday after Yemen's Houthi rebels claimed to have attacked a Saudi oil tanker in the Red Sea, sparking concerns of ongoing tensions in the Middle East.

The incident sent Brent crude futures soaring $1.07, or 1.35 percent, to $80.43 a barrel by 0734 GMT, while US West Texas Intermediate futures gained 45 cents, or 0.59 percent, to $76.22.

UBS analyst Giovanni Staunovo attributed the price increase to the attack, which came as investors had been hoping for a de-escalation in the conflict.

The Houthi rebels' missile strike on the Saudi tanker has reignited concerns about oil shipments through the Strait of Hormuz, a critical waterway that handles around 20 percent of global oil and liquefied natural gas exports.