Oil Prices Soar on Houthi Strikes and Iranian Attacks in the Gulf
Oil prices surged on Tuesday amid reports of fresh Houthi strikes on Saudi Arabia and attacks by Iran on ships in the Gulf. The price of international benchmark Brent crude for November delivery jumped 1.25% to $107.00 a barrel, while US West Texas Intermediate futures for October advanced 1.27% to $102.68 per barrel.
The Saudi-led coalition in Yemen said that 13 civilians were injured on Monday after Houthi forces launched a wave of ballistic missile and drone attacks into Saudi Arabia. The East-West pipeline, which bypasses the Strait of Hormuz, was closed by Saudi Arabia after drones from Iraq damaged it, exacerbating oil supply disruptions at a time when the market is already tight.
Iran's military claimed to have destroyed an advanced American drone over the Strait of Hormuz, following a series of operations by Tehran against US unmanned naval systems in the Gulf. President Donald Trump said that the US could continue its campaign against Iran and take control of its oil.