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Commodities

Houthis Fire Ballistic Missiles on Saudi Arabia Amid Escalating Conflict

Guavy AI Editorial Team
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Oil
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The conflict between Iran and Saudi Arabia has escalated after Yemen's Houthis fired six ballistic missiles on Saudi targets, forcing oil prices to rise to a one-week high.

Oil prices climbed around 3% before easing back by almost 1% to $105.59 on Friday morning, with Brent nearing its highest level since July last week.

The attack on Saudi Arabia also led to the suspension of flights from Iranian airlines under pressure from US sanctions, with several countries including the UAE, Azerbaijan, and Oman halting services.

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