Houthi Strikes Cause Oil Prices to Surge Amidst Escalating Middle East Conflict

The conflict in the Middle East escalated on Tuesday, causing oil prices to surge to nearly $100 per barrel. The Kingdom of Saudi Arabia's Ministry of Foreign Affairs confirmed that Houthi strikes targeting energy infrastructure resulted in 73 civilian injuries, including women and children.

The Houthis have been blamed for the attacks by Secretary of State Marco Rubio, who stated that 'some of this is clearly the Iranian hand.' This suggests that Iran may be involved in backing the Houthi rebels. In a video statement, Brigadier General Yahya Saree claimed responsibility for the attacks and warned that they will continue until the aggression stops.

The damage to Saudi oil facilities has had a significant impact on Brent crude prices, which traded close to $100 per barrel on Tuesday. Meanwhile, the Iranian regime has threatened to extend its grip beyond the Strait of Hormuz by declaring a restricted exclusion zone outside the waterway.