Brent crude surges toward $100 after Houthi attack on Saudi Arabia

  • Houthi militants launched an attack on Saudi Arabia, according to Saudi officials.
  • Brent crude rose above $99 a barrel, its highest level since late July.
  • The conflict disrupted oil flows through the Strait of Hormuz and Red Sea.

Brent crude, the global oil benchmark, surged toward $100 a barrel on Tuesday after Iran-backed Houthi militants attacked Saudi Arabia. Saudi officials said the attack injured dozens of civilians, marking a major escalation of regional tensions. Brent rose above $99 during the day, its highest level since late July, shortly after the Houthis declared a maritime blockade on Saudi Arabia and began targeting Saudi tankers with missiles and drones. Analysts said the market was pricing in a conflict with no clear end that has disrupted oil flows through the Strait of Hormuz and the Red Sea, and expected Brent to remain elevated for the rest of the year. Futures data is delayed by at least 15 minutes, with gaps representing nontrading hours. Lisa Friedman is a business correspondent covering energy for The New York Times.

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Brent crude surges toward $100 after Houthi attack on Saudi Arabia - CoinPost Terminal