Oil prices rise as Houthi attacks fuel supply fears

Summary

• Oil prices climbed on Tuesday, with Brent crude hovering near a five-month high as escalating geopolitical tensions and reported attacks on vessels in the Gulf heightened concerns over global energy supplies.
• Analysts at ING said oil prices remained supported by a significant geopolitical risk premium amid uncertainty surrounding the regional situation.
• Shipping intelligence firm Kpler reported that at least 18 vessels had come under attack over the previous two weeks, keeping concerns about maritime security and energy supplies elevated.

AI Generated Summary

Oil prices climbed on Tuesday, with Brent crude hovering near a five-month high as escalating geopolitical tensions and reported attacks on vessels in the Gulf heightened concerns over global energy supplies.

Brent crude futures rose 55 cents, or 0.50%, to $110.10 per barrel after reaching $110.70 in the previous session, its highest level since May 20.

US West Texas Intermediate (WTI) crude for November delivery, which expires on Tuesday, gained 0.24% to $103.91 per barrel. The more actively traded December contract increased by 39 cents, or 0.40%, to $98.93.