Commodities
Oil Prices Soar as Middle East Shipping Attacks Escalate
Oil prices surged after new shipping attacks in the Middle East, with Brent crude futures climbing 1.4% to settle at $88.91 per barrel and US crude rising 1.3% to $83.20.
The attacks occurred in the Gulf of Oman and the Bab el-Mandeb Strait, vital chokepoints for global oil supplies.
The US and Yemen's Iran-aligned Houthis reported separate attacks on shipping, with four crew members killed in a suspected Houthi attack on a small cargo vessel in the Bab el-Mandeb Strait.