Commodities
Houthi Attacks Spark Global Energy Price Surge
Global energy markets have experienced a significant surge in prices following reports of Houthi attacks on Saudi Arabia, with WTI crude rising more than 3% to trade near $94.2 per barrel.
The recovery comes after the US threatened to 'destroy tankers' and Iran introduced 'restricted zones + new shipping lane maps' in the Strait of Hormuz, creating a high-stakes geopolitical situation.
US-Iran tensions have escalated, with both sides imposing their own rules for passage through the strait. The Houthi attacks on Saudi oil facilities have also disrupted energy supplies, pushing prices higher.