Oil prices rise as Houthi attacks on Saudi Arabian refinery raise supply worries
Oil prices climbed Wednesday as investors weighed the prospect of a prolonged conflict in the Middle East.
TL;DR
- Oil prices rose due to concerns over a widening Middle East conflict.
- Tehran-backed Houthis attacked Saudi Arabia's Ras Tanura refinery with a ballistic missile.
- President Trump indicated the conflict with Iran would end on his terms, insisting on preventing nuclear weapons.
- Geopolitical risk premium is embedded in crude prices due to potential disruptions to oil flows.
- Israel's election results point to a political stalemate, impacting its approach to Iran.