Houthi Attacks Send Oil Prices Soaring Amid Middle East Tensions
The Middle East is once again a hotbed of conflict, and oil prices are taking notice. In recent days, Yemen's Houthi rebels have launched attacks on Saudi Arabia's southern province of Najran, killing 11 civilians according to Reuters.
This development comes on the heels of reports that Iran is considering imposing a ban on 'hostile' vessels in the Strait of Hormuz, including those from the US and Israel. Ships that violate this ban could face fines equal to 20% of their cargo's value.
The Houthis are also targeting Saudi tankers in the Red Sea, with two vessels struck over the past week. This adds further pressure to oil prices, which have already seen a rebound today.
Brent crude has recovered above $80 per barrel and is trading at $83.80 per barrel, while West Texas Intermediate is trading at $78.33 per barrel.