Oil Prices Surge Above $111 as Houthis Strike Saudi Targets

AI Summary

Brent crude rose above $111 per barrel and WTI approached $99 after reports of Houthi attacks on Saudi targets. A U.S. order for non-emergency government personnel to leave Saudi Arabia added to concerns about security in a strategically important oil-producing region.

Crude oil prices extended their earlier gains today, with Brent crude keeping above $111 per barrel after the latest reports from the Middle East, featuring more Houthi attacks on Saudi targets. An order by the U.S. federal government for non-emergency personnel in the kingdom to leave contributed to the perception of an unstable security situation in a key oil region. At the time of writing, Brent crude was trading at $111.10 per barrel, with West Texas Intermediate at $98.98 per barrel, both up by more around 2% from Wednesday, after the Yemeni…