Oil rises after Houthi attacks in Saudi Arabia - Channel NewsAsia
Oil prices increased following Houthi attacks on Saudi Arabian infrastructure, prompting the U.S. to withdraw some diplomatic staff from the region. Analysts have also noted an uptick in attacks on shipping vessels in the Gulf of Oman.
Why it matters
Escalating geopolitical tensions in the Middle East directly impact global energy markets and supply chain security.
--> Oil prices rose on October 22 after new attacks by Yemen’s Houthis in Saudi Arabia. Amid escalating tensions, the United States ordered some diplomats and their family members to leave U.S. missions in the kingdom, Channel NewsAsia reports , citing Reuters.
Brent crude futures rose by $1.29, or 1.2%, to $110.11 per barrel. U.S. West Texas Intermediate crude gained 97 cents, or 1%, to $98.12 per barrel.
Brent settled almost unchanged the previous day, while WTI fell by 67 cents. U.S. officials also told Reuters that the U.S. State Department plans to withdraw family members of employees from several other U.S. missions in the region.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in