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Oil rises after strikes on Saudi Arabia
New attacks carried out by the Houthis against Saudi Arabia and the targeting of Iranian ships in the Gulf have caused oil prices to rise by more than 3%. Saudi Arabia has closed a major oil pipeline connecting the East to the West, threatening to disrupt around 4% of the world's oil supplies. This escalation has heightened fears of increased supply disruptions, with only enough stockpiles in Yanbu to last between five and seven days. Meanwhile, the Houthis have targeted homes and a mosque in Jazan, along with additional attacks on ships in the Strait of Hormuz, reflecting escalating tensions in the Gulf region and their impact on the global oil market.
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