Oil Prices Skyrocket on Houthi Strikes and Escalating US-Iran Tensions

Crude oil prices surged after Houthi strikes on Saudi infrastructure put supply and shipping back in the spotlight.

The global benchmark, Brent crude, jumped 1% to $98.13 a barrel at 10:01 a.m. E.T., while U.S. West Texas Intermediate added 1.95% to $93.26.

Saudi Arabia's Energy Ministry confirmed fires broke out at multiple energy facilities, prompting temporary shutdowns, and emergency crews worked to contain the blazes and assess damage.

The attacks followed a U.S. operation on Saturday in which the military struck three Iranian oil tankers in response to Iranian ballistic missile strikes on two Navy warships.