Oil Prices Rise Over Middle East Tensions

Oil prices rose on Monday after Iran-backed Houthi attacks on Saudi Arabia increased fears of wider supply disruptions.

The Houthis launched missile and drone strikes towards Riyadh on Saturday.

The attacks have added to tensions across the Middle East.

They also came while the United States and Iran remained locked in a stalemate over the conflict.

By 22:02 GMT on Monday, Brent crude futures had gained 81 cents, or 0.78%, to $104.68 per barrel.

US West Texas Intermediate (WTI) crude also rose 76 cents, or 0.76%, to $101.06 per barrel.

The latest increase reflects renewed concerns about oil supplies from the Middle East.

Saudi Arabia is one of the world’s biggest oil producers. Its energy infrastructure has faced repeated attacks during the wider regional conflict.

Recent attacks have also affected Saudi oil routes and exports, adding pressure to global energy markets.

The Houthi attacks have raised new concerns about the security of key shipping routes around the Red Sea.

The group has also expanded its operations around the Bab el-Mandeb Strait, an important route for global energy shipments.

However, oil flows from the region have continued despite the attacks.

Saudi Arabia has increased exports through the Strait of Hormuz after some shipments through the Red Sea port of Yanbu were disrupted.

Saudi exports reportedly recovered to more than four million barrels per day in September, up from 2.4 million barrels per day in August.

This has helped limit fears of a larger supply shock.

Still, investors remain focused on developments involving Saudi Arabia, the Houthis, Iran and the United States.

Any further attacks on oil facilities, pipelines or major shipping routes could put additional pressure on crude prices.

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