Oil prices rose due to an attack on a Saudi tanker in the Red Sea.
Brent oil futures surged to over $80 per barrel on Wednesday following reports of an attack by Yemeni Houthis on a Saudi oil tanker.
According to Reuters data, Brent futures increased by 1.05% to $80.19 per barrel. Meanwhile, WTI rose by 0.48% to $76.13 per barrel. The sharp increase was caused by a report of a missile strike by Iran-backed Houthis on a Saudi Arabia tanker near the port of Yanbu. Saudi authorities have so far refrained from commenting on the incident.
Experts note that this incident has raised market concerns about possible energy supply disruptions from the Middle East. However, oil prices are also being influenced by data on rising oil and gasoline inventories in the US.
It should be noted that oil prices had been on a decline for three consecutive days due to positive news about negotiations between the US and Iran. However, the new attack reignited fears over supply stability from the region.
| Indicator | Brent | WTI |
|---|---|---|
| Price Change | +1.05% | +0.48% |
| Price per Barrel | $80.19 | $76.13 |
