Oil Prices Soar as Houthi Attacks Escalate Tensions
Oil prices rose by 2.66% to $93.91 per barrel of WTI crude as Yemen's Houthi rebels escalated their attacks on Saudi targets, hitting energy and military sites. The development adds to concerns over regional supply disruptions and tightens the screws on the global oil market.
The attacks, which included drone and ballistic-missile strikes, injured 73 people and caused fires at several energy facilities in southern Saudi Arabia. In response, the Saudi-led coalition vowed a firm response and called the attacks a dangerous escalation.
Meanwhile, gold prices fell by 0.22% to $4395 per ounce as investors turned their attention to the US CPI report due on Friday, which will determine whether the Federal Reserve hikes interest rates or keeps them steady for another month.