Middle East Tensions Push Oil Prices Near Record High
Escalating tensions in the Middle East pushed oil prices to nearly $100 per barrel on Tuesday, following Houthi strikes targeting Saudi energy infrastructure. The Ministry of Foreign Affairs of Saudi Arabia confirmed that the attacks resulted in 73 civilian injuries, including women and children.
The Kingdom of Saudi Arabia warned against continued Houthi aggression and threats to maritime navigation, while Secretary of State Marco Rubio stated that 'some of this is clearly the Iranian hand' behind the Houthis' actions. The Houthi military spokesperson, Brigadier General Yahya Saree, vowed to continue operations in Saudi territory.
The price of Brent crude traded close to $100 per barrel after news of damage to Saudi oil facilities and renewed threats of Houthi attacks. Meanwhile, Iran threatened to extend its grip beyond the Strait of Hormuz, with Iranian Supreme National Security Council Director Mohsen Rezaei announcing plans for a restricted exclusion zone outside the strait.
The Trump administration imposed new sanctions on the Iranian aviation industry, which Treasury Secretary Scott Bessent described as 'a warning to anyone doing business with Iran's remaining airlines.' Iranian Foreign Minister Abbas Araghchi dismissed the sanctions as ineffective, calling them 'more of the same failed policies' from the US government.