Houthis' Attack Sends Oil Prices Reeling Amid Middle East Tensions

Oil prices retreated from session highs as traders took profits off the table despite concerns over escalating tensions in the Middle East. The Houthis' attack on Saudi Arabia's Jazan refinery has halted operations at several facilities, sparking worries about a potential disruption to global oil supplies.

Saudi Arabia is attempting to push the Houthis out of Yemen's capital Sana'a, but this move has been met with resistance from the Houthi rebels. The group has a history of challenging relations with Saudi Arabia and is backed by Iran, which has its own tensions with the US.

Despite these risks, oil fundamentals remain bullish, and prices have a good chance to test new highs in the near term. Traders are weighing their options as the situation continues to unfold.