Oil prices rose on Wednesday as tensions in the Middle East continued to escalate. A Saudi-led coalition reportedly struck Houthi energy terminals and fuel reserves in Yemen, heightening concerns over potential supply disruptions. The U.S. Central Command rejected Iran's claims that the Strait of Hormuz is under Tehran's control, adding to the geopolitical uncertainty.
Hedge fund manager Paul Tudor Jones predicted that oil could rally another $20 to $25 due to the conflict with Iran. The futures for international benchmark Brent crude for December delivery climbed 0.61% to $106.33 a barrel, while U.S. West Texas Intermediate futures for November advanced 0.63% to $94.73 per barrel.
Iran's medium-sized oil tankers have been waiting off the coast of Bandar Abbas at the Strait of Hormuz, further contributing to market anxieties. The ongoing fighting between Iran-backed Houthis and Saudi Arabia has underscored the fragile situation in the region.