Houthi Attacks Fuel Oil Price Gains Amid Ongoing Geopolitical Tensions

Oil prices rose on Thursday after Iran-aligned Houthis said they attacked 'Saudi deployments' in Yemen, increasing concerns about Red Sea shipping.

Brent crude futures gained $1.74 or 2.19% to $81.19 a barrel by 10:59 a.m EDT (1459 GMT) while U.S. West Texas Intermediate futures rose $1.40 or 1.86% to $76.62.

The Houthis claimed they killed or wounded hundreds of Saudi-aligned fighters and destroyed military camps, weapons depots, and vehicles in the attacks on Marib and Hadramout in Yemen.

Despite hopes for a deal between Iran and Oman to restore flows via the Strait of Hormuz, geopolitical risks persist with Gulf countries' crude oil and condensate exports remaining about 40% below pre-war levels.