Oil rises past $98 after Houthis' strike

Oil prices rose above $98 a barrel after the Houthi group in Yemen attacked two Saudi tankers in the Red Sea, raising concerns about disruptions to global oil supplies. The attack caused Brent crude to increase by 4.7% to $98.50 and West Texas Intermediate by 4.2% to $90.44, accompanied by warnings that shipping routes might be altered, potentially leading to longer transit times and higher costs, especially amid escalating tensions in the Strait of Hormuz and the Bab el-Mandeb Strait.

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