Oil Prices Rise Amid Houthi Strikes on Saudi Arabia
Oil prices extended their gains amid reports of fresh attacks by Yemen's Houthi rebels on Saudi infrastructure and ongoing tensions involving Iran in the Gulf. The U.S. President Donald Trump reiterated that America could continue its campaign against Iran, including taking control of Iranian oil resources. Meanwhile, U.S. Central Command refuted an Iranian claim about a Panama-flagged tanker striking a mine near Hormuz. Brent crude futures rose 1.25% to $107 per barrel and WTI climbed 1.27% to $102.68 as supply concerns grew after Saudi Arabia closed its East-West oil pipeline following drone attacks from Iraq. Analysts warned that these disruptions could increase inflationary pressures, especially with ongoing trade tensions. Iran's military claimed it destroyed an advanced U.S. drone in the Strait of Hormuz and has been targeting American unmanned systems in recent weeks.
Topics: Houthi attacks Iran oil market Strait of Hormuz U.S.