Middle East Tensions Fuel Oil Price Surge Past $104
Escalating tensions in the Middle East have driven oil prices up as concerns about potential disruptions to crude supplies intensify. Yemen's Iran-backed Houthi group launched missile and drone strikes towards Saudi Arabia's capital, Riyadh, on Saturday, adding to regional instability.
The attacks came as the United States and Iran remained at a stalemate, exacerbating uncertainty surrounding the region. Despite Saudi Arabia not immediately commenting on the reported incident, a Saudi-led coalition fighting the Houthis claimed to have successfully foiled additional attacks against the kingdom.
Oil prices surged in response to these developments. Brent crude futures rose by 81 cents or 0.78%, reaching $104.68 per barrel by 2202 GMT. US West Texas Intermediate crude also advanced, gaining 76 cents or 0.76% to reach $101.06 per barrel.