Commodities
Oil Prices Jump Amid Houthi Strikes and Iranian Attacks
Oil prices surged over 2% on September 14 after new Houthi strikes on Saudi Arabia and Iranian attacks on ships in the Gulf compounded supply concerns.
The Brent crude futures rose $2.90, or 2.77%, to $107.51 per barrel as of 11:13 pm GMT, while WTI futures rose $2.27, or 2.27%, to $102.32 per barrel.
The attacks followed the closure of a key Saudi oil pipeline by a drone strike that originated in Iraq on September 11, which threatens up to 4% of global oil supply.
Tony Sycamore, an IG market analyst, noted that unless talks in Oman produce something operational or the East-West pipeline is brought back online quickly, crude oil may continue to extend its gains toward $119.48 high of early March.