Oil Prices Surge on Houthi Attacks and Iran-US Tensions

Global oil prices surged to their highest level in several weeks after Yemeni Houthi fighters launched attacks on Saudi Arabia's energy facilities and Iran threatened the United States with an 'economic war'.

The Brent crude futures rose $1.39, or 1.43%, to $98.39 per barrel by Tuesday afternoon, while US West Texas Intermediate (WTI) crude was trading $2.25, or 2.46%, higher at $93.73 per barrel.

The attacks on Saudi Arabia's energy facilities injured 73 people and led to the suspension of activities at some energy facilities. The Iranian threat against the United States came as the two countries have resumed attacks against each other in recent days.