Oil Prices Surge on Saudi Export Disruptions and Yemen Tensions
Oil prices surged on Tuesday as disruptions to Saudi Arabia's oil exports and concerns over regional supply routes kept markets focused on crude flows from the Middle East.
The international benchmark Brent crude futures for November delivery traded at $101.70 a barrel, up 1.4% from the previous close of $100.34, while US benchmark West Texas Intermediate (WTI) crude futures for November delivery rose over 1% to $93.35 a barrel.
The escalation of tensions in Yemen added to concerns over regional supply routes after Saudi airstrikes on the strategic Red Sea port city of Mokha killed at least six people and injured eight others, according to reports.
US President Donald Trump called off planned airstrikes against Houthi targets in Yemen shortly before they were to be carried out, limiting gains in oil prices.