Oil Prices Rise Over 3% Due to Houthi Attacks and Postponed Hormuz Talks
Oil prices rose more than 3% on Monday as renewed Houthi attacks in Yemen, disruptions around the Strait of Hormuz, and a postponed regional meeting increased concerns over Middle East supply stability. Brent crude futures climbed nearly $1 before settling at $107.37 per barrel, while West Texas Intermediate (WTI) rose to $102.84. The Houthi group has intensified attacks on Saudi energy infrastructure and shipping routes in the Bab el-Mandeb strait, forcing rerouting of oil shipments through alternative channels like the Red Sea. Saudi Arabia reported shutting down a key East-West pipeline following further strikes by the Houthis, limiting its ability to export via western ports if Hormuz becomes unstable again. Analysts from ANZ noted this could push prices higher in coming days. Meanwhile, Oman’s foreign minister announced that a planned regional meeting between Iran and Gulf states had been postponed, adding uncertainty about resolving tensions affecting oil shipments through critical straits like Hormuz.
