Brent and WTI futures rallied on Wednesday as Houthi attacks on Saudi infrastructure and falling U.S. inventories reignited supply fears, pushing Brent to $115.70 per barrel.
Brent crude futures increased by 1.62% to $115.70 per barrel, driven by heightened supply concerns following renewed Houthi attacks on Saudi Arabian infrastructure. The market is reacting to the potential for regional instability to disrupt global oil flows.
Brent oil futures are trading at $115.70 per barrel.
WTI futures rose 1.34% to $101.20, supported by a combination of falling domestic inventories and broader geopolitical risks. The anticipation of potential U.S. military action against Iran following the midterm elections is contributing to the upward price momentum.
West Texas Intermediate futures are trading at $101.20 per barrel.
Oil prices surged in early Asian trade as renewed Houthi attacks on Saudi Arabia heightened concerns over global supply stability. Brent crude climbed 1.62% to $115.70, while WTI rose 1.34% to $101.20, bolstered by declining U.S. inventories and escalating geopolitical tensions.
The rally is primarily driven by renewed Houthi attacks on Saudi Arabia, which have reignited fears regarding supply chain disruptions, alongside reports of falling U.S. oil inventories.