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Source: Newsmaker.id
Oil prices strengthened on Tuesday after fresh Houthi attacks on Saudi Arabia raised concerns over possible supply disruptions in the Middle East. Brent crude traded at around US$106.93 per barrel, while West Texas Intermediate (WTI) stood at approximately US$102.65 per barrel.
Market sentiment remained supported by uncertainty surrounding the Strait of Hormuz. Talks between Iran and several Gulf states on reopening shipping routes in the area remain delayed, keeping risks to global oil distribution elevated.
The Iran-aligned Houthis launched renewed attacks on several targets in Saudi Arabia. At the same time, the group continued to strengthen its positions along the Red Sea coast, increasing the threat to the Bab el-Mandeb Strait. The waterway is one of the world’s key routes for energy trade.
Supply concerns were further heightened as Saudi Arabia’s East-West pipeline remained disrupted following earlier attacks. The route is important because it allows crude shipments to bypass the Strait of Hormuz and reach the port of Yanbu on the Red Sea. If the disruption persists, around 4% of global oil supply could potentially be affected.(mrv)
Source: Newsmaker.id