Houthi Attacks Send Oil Prices Soaring Past $107

Oil prices surged to over $107 per barrel on Tuesday as renewed Houthi attacks against Saudi Arabian infrastructure intensified global crude availability worries.

The East-West Pipeline, a vital conduit for Saudi oil shipments, remains out of service after sustaining damage from Houthi missile strikes last week. Repair efforts are expected to take six to eight weeks, highlighting the region's growing supply concerns.

Houthi forces have also taken control of Perim Island in the Bab al-Mandeb Strait, providing them with enhanced capabilities to disrupt petroleum shipments through the Red Sea passage.