Oil prices climbed on Wednesday as renewed security concerns in the Middle East overshadowed hopes of a diplomatic breakthrough between the United States and Iran. Reports of Houthi attacks on Saudi Arabia and the possibility of fresh US military action against Tehran kept traders focused on the risk of further disruptions to global crude supplies.
Brent crude, the international benchmark, rose 0.87% to $114.87 a barrel by 2 pm UAE time. US West Texas Intermediate (WTI) gained 1.59% to $101.49 a barrel. Both benchmarks had risen by more than 2% earlier in the session. The recovery followed a decline of around 1.6% on Tuesday, leaving prices broadly flat for the week.
Houthi attacks add to oil supply concerns
Fresh developments in Saudi Arabia heightened market anxiety. The Saudi-led coalition said it had intercepted and destroyed a ballistic missile launched by Iran-aligned Houthi rebels towards Taif on Wednesday morning.
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The Houthis had also claimed a drone attack on Abha International Airport, although Saudi authorities had not immediately confirmed that incident. The latest reports have added to concerns that the conflict could threaten energy infrastructure and transport routes across the region. Any escalation that disrupts crude production or shipments could tighten supplies and put further upward pressure on prices.
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