Commodities
Oil Prices Soar After Fresh Houthi Attacks and Disruptions
Crude oil prices surged over 2% in Asian trading after fresh Houthi attacks on Saudi Arabia and increased concerns over global energy supplies.
The Brent crude futures rose to $107.51 a barrel, while WTI gained 2.27% to $102.32, amid heightened tensions surrounding key shipping routes.
The recent disruptions include the shutdown of Saudi Arabia's East-West oil pipeline, which allows for the redirection of shipments away from the Strait of Hormuz, and a vessel hit by a projectile in the same waterway.
According to Reuters, this disruption threatens up to 4% of global oil supply, exacerbating pressure on markets that had already seen crude prices gain 8% over the week.