Houthi Attacks on Saudi Oil Sites Send Gulf Markets into Decline

Gulf stock markets declined following Houthi attacks on Saudi oil sites in the Red Sea, which have escalated tensions in the region. The incidents have raised concerns over energy security, particularly affecting Saudi Arabia's crucial oil installations linked to Aramco.

The recent development comes as Brent crude prices had already surpassed $100 per barrel due to previous attacks on tankers in the area. The ongoing conflict and its implications for Saudi oil logistics continue to weigh on investor sentiment across the Gulf.

Market participants view the possibility of crude oil reaching a new all-time high as less likely, with July sub-market odds at 6.7% YES. Additionally, the probability of WTI Crude Oil hitting $130 in July remains low, with market pricing at 0.2% YES.