Oil prices spike after Houthi attacks on Saudi airports
Oil prices rose following Houthi rebel attacks on two Saudi Arabian airports that resulted in multiple casualties. The incident has heightened geopolitical tensions and contributed to rising fuel costs for consumers.
Why it matters
Escalating conflict in the Middle East directly impacts global energy markets and domestic inflation rates.
Oil prices rose Monday, after the Iranian-backed Houthis launched attacks on two airports in Saudi Arabia over the weekend.
Brent Crude, the international benchmark, closed at nearly $106 per barrel as of late Monday afternoon, up roughly $1.20 from closing time Friday. The price of Brent Crude peaked at $107.33 earlier in the day.
West Texas Intermediate Crude, the North American standard, reached $94.36 during Monday trading and closed at $93.16 per barrel .
The Houthis, a Yemen-based rebel group aligned with Iran, launched a string of attacks over the weekend on King Khalid International Airport and King Fahd International Airport , respectively located in Riyadh and Dammam, Saudi Arabia.
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