Brent crude rises above $83 amid Houthi attacks
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Brent crude futures rose as renewed Middle East tensions followed a Houthi attack that injured 11 civilians in Saudi Arabia’s Najran region.
Brent crude futures rose as renewed Middle East tensions followed a Houthi attack that injured 11 civilians in Saudi Arabia’s Najran region.
Energy markets have been rocked by a fresh round of volatility this month, as investors navigated a short-lived pause in hostilities between Iran and the US, followed by renewed fighting. The conflict is spreading beyond the Strait of Hormuz, with Houthi rebels in Yemen threatening a blockade of Saudi Arabia in the Red Sea, while Riyadh's forces joined with the US to hit targets in Iraq that are linked to Tehran-backed militants. Paul Sankey, founder at Sankey Research, discusses the Houthi and Saudi escalation and how it's affecting energy.
West Texas Intermediate prices dropped after the United States paused military action against Iran.
Brent crude fell 3.9% to $80.47 a barrel, while West Texas Intermediate crude dropped 4.6% to $76.67 by 11:19 a.m. ET.
Oil extended its decline after President Donald Trump said the US and Iran were engaged in talks to try to end the Middle East conflict once again. Jorge Leon, Geopolitical Analysis Head at Rystad Energy spoke to Bloomberg's Abeer Abu Omar on Horizons Middle East & Africa about the best & worst-case scenario for oil moving forward.
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