Oil prices have jumped sharply following drone attacks by Yemen’s Houthi rebels that forced Saudi Arabia to shut down a key crude pipeline, sending Brent crude—the global benchmark—to its highest level in months. The strikes come amid escalating tensions in the Bab al-Mandab strait, where the rebels have also seized a strategic island, raising concerns over disruptions to critical shipping routes. Markets reacted swiftly, with prices climbing over $108 per barrel as traders brace for potential supply chain risks. The move underscores growing instability in the region and its direct impact on global energy markets.
Price spike comes as rebel Houthis in Yemen target oil infrastructure and capture strategic island in Bab al-Mandab straitBusiness news – live updatesOil prices have climbed above $108 a barrel after a series of drone attacks forced Saudi Arabia to close its east-west crude pipeline.Brent crude, the international benchmark for oil prices, surged to as much as $108.03 a barrel on Monday – a 3.25% increase on the day. Continue reading...
