Oil Prices Soar After New Strikes on Saudi Arabia

Oil prices surged more than $3 after new strikes on Saudi Arabia and the Strait of Hormuz. The attack, carried out by Houthi rebels in Yemen, targeted a key oil facility in Abqaiq. This marks one of the most significant attacks on Saudi's oil infrastructure since 2019.

The price of Brent crude oil jumped to over $63 per barrel, while West Texas Intermediate (WTI) rose above $59 per barrel. The attack has disrupted about 5% of global oil production and is expected to have a significant impact on the market.

Oil prices had already been rising due to concerns over supply and demand imbalances. The latest attack will likely exacerbate these tensions, leading to further price increases in the coming days.