Oil Prices Jump as Houthi Attacks Raise Saudi Supply Risks
AI Summary
Oil prices surged amid attacks by Yemeni Houthis on Saudi Arabia's Najran province, killing 11 civilians and heightening Middle Eastern tensions. Iran is reportedly considering maritime bans and fines on hostile or violating vessels in the Strait of Hormuz.
The Yemeni Houthis have struck Saudi Arabia’s southern province of Najran in the latest flare-up of Middle Eastern hostilities, killing 11 civilians, Reuters has reported, citing a spokesman for the military coalition led by Saudi Arabia that fights the Houthis in Yemen. The news comes on the heels of reports that Iran is considering a ban on U.S., Israeli, and other “hostile” vessels in the Strait of Hormuz and fining ships that violate the ban with a sum equal to 20% of the cargo’s value. From other vessels, Iran plans…