Oil Prices Rise as Geopolitical Tensions Escalate Following Houthi Attacks

Key Facts

1WTI oil prices tested weekly highs as traders focused on the ongoing Houthi attacks in Saudi Arabia.

WTI oil prices tested weekly highs as traders focused on the ongoing Houthi attacks in Saudi Arabia. Reuters reported that oil prices, specifically WTI and Brent, are trending higher as geopolitical tensions in the Middle East escalate following attacks on Saudi Arabian infrastructure.

Continued military escalations in the region and commentary from US President Donald Trump have increased the risk premium in energy markets. According to FX Empire, WTI oil is attempting to settle above the $95.00 level, while Brent oil faces resistance in the $109.00 to $109.50 range as traders evaluate vessel movements through the Strait of Hormuz.