Houthi Claims Spark Oil Price Rebound Above $80

Oil prices rebounded on Wednesday after a Houthi claim involving a Saudi oil tanker in the Red Sea sparked geopolitical risk premium. The Yemen's Iran-aligned Houthi movement said it fired ballistic missiles at the Wafa, a key Saudi export hub near Yanbu.

The price of Brent crude moved back above $80 a barrel, showing how rapidly energy markets are shifting between optimism over negotiations and fear of further supply disruption. U.S. West Texas Intermediate crude rose to $76.67 a barrel.

This rebound followed a steep 5% drop in oil prices on Tuesday after comments from Qatar and U.S. officials raised expectations that mediation could reduce regional tensions and restore shipping flows.