Oil Prices Plummet Amid Middle East Tensions and Supply Disruptions

Oil prices took a hit on Thursday, falling around 1% to settle above $100 per barrel.

The decline was fueled by concerns over Middle East supply disruptions caused by strikes between Saudi Arabia and Yemen's Houthis, as well as the ongoing US-Iran tensions.

Saudi Arabia and the Houthis exchanged fresh attacks across their border on Thursday, which raised worries about global energy supplies. The disruption has been ongoing since February when the US and Israel attacked Iran.

Brent crude futures closed at $104.82 per barrel, down 0.95%, while US West Texas Intermediate futures fell to $101.91 per barrel, a 0.5% decline.