Commodities
Oil Prices Surge Amid Houthi Missile Attacks and Ongoing Tensions in the Middle East
Oil prices surged by about 3% to reach a one-week high on Thursday after a Houthi missile attack on Saudi Arabia raised concerns over supply disruptions.
The Brent crude futures contract rose $2.45, or 2.7%, to settle at $94.61 per barrel, while the WTI contract increased by $3.52, or 3.4%, to settle at $106.60 a barrel.
The attacks on Saudi Arabia's southern province of Taif and Yanbu area on the Red Sea were thwarted by the Saudi-led coalition in Yemen, but the incident highlighted ongoing tensions in the region.
The US and Iran are reportedly exploring a phased path out of their conflict that would involve Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade of Iran.