Oil Prices Surge, Tops $104 After Houthis Strike Riyadh | Middle East Tensions On The Rise
Oil prices rose on Monday as escalating tensions in the Middle East increased concerns about potential disruptions to crude supplies. Yemen’s Iran-backed Houthi group launched missile and drone strikes toward Saudi Arabia’s capital, Riyadh, on Saturday, adding to regional instability. Video showed a large plume of black smoke rising from an area near Riyadh’s main international airport following overnight explosions. Saudi Arabia did not immediately comment on the reported incident, while a Saudi-led coalition fighting the Houthis said it had successfully foiled additional attacks against the kingdom. The developments came as the United States and Iran remained at a stalemate, adding to uncertainty surrounding the region. Brent crude futures gained 81 cents, or 0.78%, to reach $104.68 per barrel by 2202 GMT. US West Texas Intermediate crude also advanced 76 cents, or 0.76%, to $101.06 per barrel. The latest attacks reinforced market concerns over geopolitical risks affecting global oil supplies.