🔶 Oil prices jump 3% as Houthi attacks on Saudi Arabia intensify

New attacks by the Houthis on Saudi Arabia, the shutdown of an important oil pipeline line in the country, and the continued Iranian attacks on ships in the Persian Gulf caused global oil prices to rise by more than three dollars on Monday, September 14 (23 Shahrivar).

According to Reuters, the futures price of a barrel of Brent crude oil rose to $107.82, and West Texas Intermediate crude was traded at $103.22 per barrel.

Reuters, citing analysts at the financial institution “INGJ,” wrote that this price increase stems from the intensification of the Houthis’ attacks on Saudi Arabia’s energy infrastructure, although the extent of any potential damage to the East-West oil pipeline in Saudi Arabia has not yet been determined and it is unclear for how long this pipeline will remain out of operation.