Houthi Attacks Send Brent Crude Prices Soaring to Multi-Week Highs

Brent crude prices have surged to multi-week highs after Houthi attacks on Saudi Arabian energy facilities, sparking concerns over global oil supplies.

The attacks disrupted operations at some energy facilities in Saudi Arabia, wounding 73 people and prompting Saudi officials to describe it as a 'dangerous escalation'.

Oil prices have climbed due to a combination of physical tightness and geopolitical risk premium. Tanker traffic through the Strait of Hormuz remains below normal.