Commodities
Houthi Attacks Send Oil Prices Soaring Amid Escalating Middle East Tensions
The Yemeni Houthi group has launched attacks on Saudi Arabia's southern province of Najran, killing 11 civilians and escalating tensions in the region.
The attacks come as Iran considers imposing a ban on U.S., Israeli, and other 'hostile' vessels in the Strait of Hormuz, with fines for violating ships equal to 20% of the cargo's value.
Brent crude prices have recovered above $80 per barrel, while West Texas Intermediate has rebounded to $78.33 per barrel, following reports of the Houthi attacks and Iran's plans.
A senior Saudi official claimed that the Houthis and Iranian-affiliated groups are planning a coordinated attack on Saudi civilian targets, including energy infrastructure and ports.