Houthi Attacks Spark Oil Price Surge Amid Middle East Conflict

The escalating conflict in the Middle East has led to a significant increase in crude oil prices, with Brent crude futures surpassing $109 per barrel. The price hike is attributed to the recent attacks on Saudi Arabia's east-west pipeline and military airbase by Iran-aligned Houthis.

The Houthis launched dozens of missiles and drones at the Khamis Mushait airbase, hitting aircraft hangars, radar systems, runways, and ammunition depots. This attack has further jeopardized global oil supplies, with traders warning that a prolonged shutdown of the pipeline could cut off up to 4% of global oil supply.

The conflict in Yemen has also led to a humanitarian crisis, with over 82,000 Yemenis fleeing fighting since the start of the month. The International Organization for Migration estimates that many more are trapped in their homes due to the ongoing violence.