Brent crude futures rose above $101.65, up 1.06%, amid concerns over Houthi attacks in the Red Sea. The price increase followed reports of Houthi missile strikes targeting commercial vessels in the region.
The surge in oil prices also reflected fears of disrupted supply chains due to the ongoing conflict. US-based crude oil futures, specifically November WTI, climbed to $90.27, up 0.93%.
The Houthi group, based in Yemen, has intensified attacks on shipping routes through the Red Sea, prompting heightened security measures by global shipping companies. These attacks have raised concerns about potential disruptions to global oil supplies.
The conflict in Yemen, which has been ongoing since 2015, has seen Houthi rebels clash with Saudi Arabia-led coalition forces. The recent escalation in attacks has led to increased scrutiny of maritime routes critical to global energy trade.
The rising oil prices highlight the growing impact of regional conflicts on global markets. Analysts note that the situation remains volatile, with continued threats to shipping lanes affecting energy prices worldwide.
