Oil prices rise amid tensions between Saudi Arabia and the Houthis — CNBC

Oil prices rose amid concerns over possible supply disruptions due to the escalation of the confrontation between Saudi Arabia and the Iran-backed Houthis in Yemen. December Brent futures increased by 1.24% to $107.02 per barrel, while November futures for U.S. WTI crude rose by 1.18% to $95.25 per barrel.

Strikes on energy facilities

As CNBC reports, tensions intensified after a deadly attack by Tehran-backed Houthis on Riyadh’s main airport. According to Al Jazeera, the Saudi-led coalition struck Houthi energy terminals and fuel reserves in Yemen. An unnamed official said that precautions were taken during the operation to avoid collateral civilian casualties.

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Statements regarding the Strait of Hormuz

At the same time, tensions persist in relations between the United States and Iran. U.S. Central Command rejected statements by the commander of the Islamic Revolutionary Guard Corps Navy about Tehran’s alleged control over the Strait of Hormuz and threats to sink U.S. warships approaching it. CENTCOM also stated that the strait is controlled by U.S. forces and regional partners.

Tudor Investment founder and chief investment officer Paul Tudor Jones said on CNBC that oil could rise by another $20–$25 because of the conflict surrounding Iran. He said that he holds a long position in oil and expects it to rise further.