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Oil Prices Hold Near Six-Week High Amid Middle East Conflict Escalation

Guavy AI Editorial Team
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Oil
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Oil prices remained near a six-week high after the Houthi rebels in Yemen attacked Saudi energy facilities, causing damage and disruptions to oil production.

The attack set off concerns about the global economic impact of the escalating conflict in the Middle East. Brent futures rose by 19 cents, or 0.2%, to $97.19 a barrel at 1:52 p.m. EDT (1752 GMT), while U.S. West Texas Intermediate (WTI) crude increased by 88 cents, or 1%, to $92.36.

Saudi Arabia has been circumventing the Strait of Hormuz by shipping oil west to the Red Sea, but Tuesday's attacks threaten to worsen the war's global economic effect and disrupt Middle East energy supplies further.

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