Houthi Attacks Send Oil Prices Soaring Amid Middle East Tensions

Oil prices surged on Tuesday as Houthi attacks on Saudi Arabia intensified supply concerns in the Middle East. The group launched strikes against several targets in Saudi Arabia, further threatening the country's oil exports after last week's attack took Riyadh's east-west pipeline offline.

The offensive has opened up a new front in the conflict, with analysts estimating that an additional 4% to 5% of global supplies could be disrupted. The Strait of Hormuz remains a key point of focus, as it supplied about a fifth of the world's oil prior to the US-Iran war.

Talks between Iran and Gulf powers on reopening the Strait have been delayed, with Oman postponing a Monday meeting without specifying a new date. Tehran has denied US President Donald Trump's claims that Iran is seeking a peace deal, stating that there would be no talks until its conditions are met.