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Oil rises amid growing Mideast tensions between Iran-backed Houthis and Saudi Arabia
Oil rises Wednesday, amid worries over supply disruptions as tensions continue to escalate in the Middle East with fighting between Iran-backed Houthis and Saudi Arabia.
AI Summary
Oil prices rose on Wednesday as concerns grew that fighting between Iran‑backed Houthi forces and Saudi Arabia could disrupt supply. Brent crude for December delivery gained 1.24%, reaching $107.02 a barrel, while U.S. West Texas Intermediate for November rose 1.18% to $95.25 per barrel. The price increases reflect market anxiety over the escalating Middle‑East tensions and the potential impact on global oil flows.
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