Oil Prices Climb as Houthi Attacks Reignite Saudi Supply Fears

Oil prices climbed in early Asian trade on Wednesday as renewed Houthi attacks on Saudi Arabia reignited supply fears in the region. Falling inventories and reports that the U.S. is preparing for a new military campaign against Iran after the midterm elections added to the upward momentum. At the time of writing, Brent oil futures were trading at $115.70 per barrel, up 1.62% on the session, while West Texas Intermediate futures had risen 1.34% to trade at $101.20 per barrel. The most recent gains came after a nearly $2 decline on Tuesday, a decline driven by hopes that the most recent round of diplomatic talks between Saudi, Turkish, Pakistani, and Iranian officials would bear fruit. The most immediate concern for oil markets revolves around reports that Saudi Arabia's Ras Tanura complex has been targeted.