Oil Prices Rise Amid Escalating Tensions Between Iran-Backed Houthis and Saudi Arabia
Global oil prices climbed amid heightened tensions between Iran-backed Houthi rebels and a Saudi-led coalition in Yemen. The conflict has raised concerns about potential disruptions to Middle East energy supplies, particularly around the strategic Strait of Hormuz. On Wednesday, Brent crude futures rose by 1.24% to $107.02 per barrel, while U.S. West Texas Intermediate (WTI) gained 1.18% at $95.25 per barrel. The Saudi-led coalition reportedly targeted Houthi energy infrastructure in Yemen, with a spokesperson emphasizing efforts to avoid civilian casualties. Meanwhile, the U.S. Central Command dismissed Iranian claims of control over the Strait of Hormuz and warned against any aggressive actions by Iran's navy. Hedge fund manager Paul Tudor Jones predicted oil prices could rise an additional $20-$25 due to ongoing tensions in the region.
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Topics: Brent crude Middle East tensions oil U.S.-Iran relations WTI
Part of the story Brent crude hits five-month high amid Houthi attacks on Saudi sites and Gulf vessels (7 articles)