Oil Prices Rise Amid Escalating Tensions: What's at Stake? The latest attack by Iranian backed Houthis on Saudi Arabian energy facilities has sent oil prices soaring, reaching $98 per barrel for Brent crude futures.
The escalating tensions between the US and Iran are a major contributor to this price surge. Riyadh has confirmed that several energy facilities were targeted in the attack, resulting in temporary shutdowns and fires.
The Houthi's state media claims to have struck Saudi Aramco facilities with drones and ballistic missiles, while Riyadh affirms its right to defend its sovereignty.