Oil Prices Surge as Saudi Tanker Hit in Red Sea Attack

Oil prices ticked higher on Wednesday after the Iran-aligned Houthi movement in Yemen said it had fired on a Saudi-flagged tanker in the Red Sea, disrupting global energy supplies. The attack is just one of several recent incidents targeting Middle East shipping, causing concern among oil traders.

The incident comes as negotiations between Iran and Oman are ongoing to grant Tehran control over ships entering the Gulf through the Strait of Hormuz. However, sources push back against US President Donald Trump's assertion that a deal reopening the strait is imminent, stating that important details still need to be agreed upon.

Separately, an Indian-flagged vessel capsized and sank after being hit by a projectile off the coast of Yemen. All 14 people on board were rescued safely, but India's Shipping Minister Sarbananda Sonowal condemned the 'unprovoked attack' and vowed to ensure the safety of seafarers in the region.