Oil extends gains following Houthi strikes on Saudi Arabia
Oil extended gains amid reports of fresh Houthi strikes on Saudi Arabia and attacks by Iran on ships in the Gulf.
TL;DR
- Oil prices rose Tuesday, with Brent crude futures at $107.48 a barrel and WTI futures at $103.20.
- Saudi Arabia's East-West pipeline was closed after drone attacks, worsening supply disruptions.
- Houthi forces launched missile and drone attacks into Saudi Arabia, injuring 13 civilians.
- Iran claimed to have destroyed an American drone over the Strait of Hormuz.
- US Central Command disputed Iran's claim about a mine hitting the oil tanker El Gaia, stating it was hit by an Iranian missile.
- Experts anticipate rising inflation due to oil pipeline attacks, pipeline closures, and an accelerating tariff war.