Brent and WTI crude prices rose more than 1% on the morning of October 7 after Iran-backed Houthi forces in Yemen launched attacks on Saudi Arabia, raising concerns about crude shipments from the Middle East. December Brent crude futures climbed 1.17% to $101.76 a barrel, while November WTI crude futures rose 1.26% to $90.57 a barrel. Saudi Arabia's aviation authority said on Tuesday, October 6, that airports in the cities of Jazan and Najran were the targets of two attacks, amid escalating conflict between the Houthis and Saudi Arabia. Saudi Energy Minister Prince Abdulaziz bin Salman said crude flows through the East-West Pipeline reached as high as 5.8 million barrels as of Tuesday morning, and the Houthis issued a warning telling international airlines to avoid Saudi airspace, saying it could become a military operations zone.
Houthi attacks on Saudi Arabia stoke Middle East supply concerns, pushing December Brent futures above $101.
Houthi attacks on Saudi Arabia raise Middle East supply-disruption fears, lifting WTI crude futures over 1%.
