Brent crude rises above $106 as Houthis intensify attacks on Saudi targets
At 10.03 am on Wednesday, December Brent oil futures were at $106.25, up by 0.53%, and November crude oil futures on WTI (West Texas Intermediate) were at $94.58, up by 0.47%
Brent crude oil futures climbed above $106 a barrel on Wednesday, following intensifying attacks by the Houthis on targets in Saudi Arabia on Tuesday. By 10:03 am on Wednesday, December, Brent oil futures reached $106.25, up 0.53%, while November crude oil futures on WTI were at $94.58, up 0.47%. October crude oil futures on MCX stood at ₹8992 at the opening bell, up 0.44%, and November futures were at ₹8921, up 0.37%.
On Tuesday, the Houthis targeted Saudi Aramco's administrative building in Dhahran, resulting in a fire. On Saturday, the group attacked the main Saudi Arabian airport, killing 12 and injuring over 300. The airport was hit again on Sunday. Iranian officials reportedly said Iran is employing new tactics to target ships in the Strait of Hormuz, aiming to maintain high oil prices and sway US mid-term elections.
This has raised concerns about potential disruptions to oil supplies from the region. US President Donald Trump criticized the Houthis on social media, accusing them of acting recklessly and possibly with Iran's backing, ahead of the US elections.
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