Global oil prices rose towards $100 per barrel on Tuesday as renewed fighting in the Middle East heightened fears of further disruptions to crude oil supplies.
The increase followed attacks by Yemen’s Iran-backed Houthi group on four cities in southern Saudi Arabia, including targets linked to the country’s state-owned oil company.
The attacks, which also reportedly affected energy infrastructure, came amid an escalation in the wider conflict involving Iran, the United States and Israel.
Brent crude climbed to $99.46 per barrel on Tuesday, its highest level since July 24, before easing to $97 later in the evening.
United States West Texas Intermediate crude also rose to its highest level since June 8, reflecting growing concerns among traders about the impact of the conflict on global energy supplies.
