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Oil Spikes Amid Saudi Arabia Attacks
23 Oct
Summary
- Oil prices saw their largest increase in approximately a week.
- Attacks on Saudi Arabia intensify, raising supply disruption concerns.
- Houthi militants claimed responsibility for recent assaults.
Oil prices saw their largest gain in approximately one week as intensified attacks on Saudi Arabia stoked fears of supply disruptions. West Texas Intermediate traded near $99 a barrel, following a 2.4% increase previously. Brent crude settled above $113 per barrel.
The recent assaults were claimed by Iran-backed Houthi militants. This escalation of conflict in a key oil-producing region has heightened concerns about the stability of global oil supplies, leading to a notable uptick in crude prices.
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