Brent crude tops $110 as fresh attacks in Saudi raise concerns over oil supplies
Brent crude oil prices have risen above $110 per barrel following renewed Houthi attacks on Saudi Arabian infrastructure. The U.S. is withdrawing diplomatic staff from the region as concerns grow over the safety of maritime shipping routes and energy supplies.
Why it matters
Geopolitical instability in the Middle East directly impacts global energy markets and inflation, posing risks to international supply chains.
Oil prices edged higher on Thursday, with Brent crude trading above $110 a barrel. The rise came after fresh Houthi attacks in Saudi Arabia prompted US to order some diplomats and their family members to leave American missions in the Kingdom.At the same time, concerns over shipping safety and oil supplies in the region also persisted.WTI crude was trading at $98.05, up 90 cents or 0.93%, while Brent crude stood at $110, up $1.15 or 1.06%.US officials told Reuters that the state department also plans to withdraw family members from several other American missions in the region.The latest security concerns followed a series of attacks by Yemen's Iran-aligned Houthis on Wednesday. At least one person was killed and eight others wounded in an attack on a civilian airport in Dammam.
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