Oil rises amid growing Mideast tensions between Iran-backed Houthis and Saudi Arabia
Worries over supply disruptions due to escalating tensions in the Middle East helped to push oil prices higher.
TL;DR
- Oil prices rose amid Middle East supply disruption worries.
- Fighting escalated between Saudi Arabia and Iran-backed Houthis.
- A Saudi-led coalition struck Houthi energy terminals and fuel reserves.
- Tensions simmered between the U.S. and Iran over the Strait of Hormuz.
- A hedge fund manager predicted oil prices could rise another $20-$25.
- U.S. Central Command rejected claims of Iranian control over the Strait of Hormuz.