Oil surpasses $98 following Houthis attack
Oil prices rose above $98 per barrel after an attack carried out by the Yemeni Houthi group on two Saudi tankers in the Red Sea, raising fears of disruption to energy supplies through one of the Middle East's most important oil corridors. The incident caused Brent crude to increase by 4.7% to $98.50, and West Texas Intermediate by 4.2% to $90.44, due to market concern over the potential change in tanker routes and rising shipping costs. Meanwhile, tensions in the Strait of Hormuz and Bab el-Mandeb intensified, with ongoing U.S. strikes on Iran and Iran announcing a complete closure of the strait following an explosion that targeted a tanker, further heightening risks to global oil supplies.
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