Commodities
Houthi Attacks Push Oil Prices Higher Amid Middle East Tensions
The Houthi attacks on Saudi Arabia's Najran province have pushed oil prices higher, with Brent crude trading at $83.80 per barrel and West Texas Intermediate at $78.33 per barrel.
The latest flare-up of Middle Eastern hostilities comes as reports suggest Iran is considering a ban on 'hostile' vessels in the Strait of Hormuz, fining ships that violate the ban with 20% of the cargo's value.
A senior Saudi official said the Houthis and Iran-affiliated Iraqi groups were planning to launch a coordinated attack on Saudi civilian targets, including energy infrastructure and ports.
The Houthis have also targeted Saudi tankers in the Red Sea, striking two vessels over the past week.