Houthi Attack Sends Oil Prices Soaring to Nearly $99 per Barrel
The recent Houthi attack on Saudi Arabia's energy infrastructure has sent shockwaves through global markets, causing oil prices to surge. Brent crude oil prices rose to nearly $99 a barrel after the attacks left 73 civilians injured and damaged several oil facilities. The US had carried out an attack on Iranian oil tankers earlier, which also contributed to the sharp rise in oil prices.
The Houthi provocation has disrupted the Red Sea energy corridor amid the crisis in the Strait of Hormuz, leading to a temporary suspension of operations at oil facilities in the region. The Saudi-led Arab coalition forces have announced that they will respond forcefully to the attacks. The US attacks on Iranian oil tankers came after Iran launched ballistic missiles at US Navy vessels.
West Texas Intermediate (WTI) crude oil prices rose more than 2.7 percent to above $94 a barrel, while wholesale gas prices increased by around two percent. The escalating tensions between the United States and its allies and Iran have led to concerns of further disruptions in global energy supplies.