Middle East Conflict Escalates as Oil Prices Soar

The ongoing conflict in the Middle East escalated further as Iran-backed Houthi rebels in Yemen reported that Saudi-backed forces launched dozens of airstrikes overnight across four provinces. The attacks come after Houthi attacks on several oil facilities and utilities in Saudi Arabia wounded 73 people, in a major escalation in the renewed conflict between an important U.S. ally and the Iran-backed rebels in Yemen.

The strikes also follow weeks of intensifying clashes between the Houthis and Saudi-backed government forces in the country, which shattered a four-year truce in Yemen's civil war. Houthi spokesman Nasruddin Amer stated that there were no immediate reports of damage or injuries from the airstrikes.

Meanwhile, Iranian state media claimed that Iranian forces had struck several oil tankers and two U.S. ships in retaliation for U.S. strikes on Iranian ships on Tuesday. However, the U.S. Central Command said claims that American warships had been struck were false.

The conflict has pushed the price of a barrel of Brent crude oil past $100 on Wednesday.