Oil rises as concerns over Houthi attacks on Saudi Arabia eclipse supply recovery
Iran's move to step up attacks on tankers which are transiting through the Strait of Hormuz has also led to renewed worries over oil supplies among traders.
TL;DR
- Oil prices rose due to concerns over Houthi attacks on Saudi Arabia potentially disrupting Middle East crude flows.
- The Saudi aviation authority reported attacks on airports in Jazan and Najran.
- Increased hostilities between Yemen's Iran-backed Houthis and Saudi Arabia are a concern.
- Iran's intensified attacks on tankers in the Strait of Hormuz have renewed worries about oil supplies.
- Analysts state oil is influenced by both improving physical supply and ongoing geopolitical risks.
- The Houthis' capability to target oil facilities keeps the risk of large-scale crude supply disruption high.