Oil Prices Soar Amid Escalating Middle East Conflict

Oil prices continued their upward trend on Tuesday as clashes in the Middle East escalated. The Brent crude, an international benchmark, rose by 2.48% to top $108 per barrel at 10:30 a.m. ET, while West Texas Intermediate (WTI), the U.S. benchmark, increased by 2.83% to clock in at $104.26 per barrel.

The rise in oil prices is attributed to the ongoing conflict between Yemen's Houthi rebels and Saudi Arabia. The Houthi official reported that three people were killed and two more injured as a result of Saudi strikes in the country.

The Iran-backed group has recently made significant gains in the Red Sea and imposed an embargo on Saudi oil transiting the waterway, further threatening its exports. Forces struck Riyadh's key East-West pipeline after sustaining multiple attacks last Friday.