Houthi Strike Sends Oil Prices Lower, Crypto Markets Reprice

The Middle East conflict escalated over the weekend, with Houthi forces striking Riyadh on Saturday. The US warned that the situation has the potential to escalate rapidly.

The attack sent oil prices lower before the weekend, with Brent crude settling at $103.87 and West Texas Intermediate closing at $100.30. However, this reading was priced in before the Houthi strike, which changed the risk picture.

Crypto markets reacted to the news, with Bitcoin trading near $80,354, down 0.9% over 24 hours but still up 3.9% on the week. Ethereum slipped 1.29% to $2,586.72.