Oil Prices Climb as Houthi Attacks Reignite Saudi Supply Fears

AI Summary

Renewed Houthi attacks on Saudi Arabia have pushed oil prices higher by reviving concerns about regional supply disruption. Falling inventories and reports of possible U.S. military action against Iran added to the gains, with Brent at $115.70 and WTI at $101.20 per barrel.

Oil prices climbed in early Asian trade on Wednesday as renewed Houthi attacks on Saudi Arabia reignited supply fears in the region. Falling inventories and reports that the U.S. is preparing for a new military campaign against Iran after the midterm elections added to the upward momentum. At the time of writing, Brent oil futures were trading at $115.70 per barrel, up1.62% on the session, while West Texas Intermediate futures had risen 1.34% to trade at $101.20 per barrel. The most recent gains came after a nearly $2 decline on Tuesday, a decline…