Oil Prices Rise as Houthi Attacks Raise Saudi Supply Concerns
Global oil prices advanced on Wednesday as renewed attacks attributed to Yemen’s Iran-aligned Houthi movement heightened concerns about the security of Saudi Arabia’s energy infrastructure. The developments came as regional governments continued diplomatic discussions aimed at reducing tensions in the Middle East. The market was also supported by a larger-than-expected decline in U.S. crude inventories, adding another factor for traders to consider as they assessed the balance between supply risks and global fuel demand. Brent and WTI crude move higher At 10:05 ET (14:05 GMT), Brent crude futures had gained 1.0% to $115.06 per barrel, while U.S. West Texas Intermediate (WTI) crude futures rose 1.9% to $101.83 per barrel. The latest gains followed a retreat over the previous two trading sessions. Oil prices had climbed above $117 per barrel last week, reaching their highest levels in six months, before easing. The renewed advance suggests that geopolitical developments remain an important influence on the market. When attacks threaten oil production facilities,…
SkyPress Desk | SkyPress News
Oct 28