Oil prices moved higher as markets weighed the risk of supply disruption from escalating fighting in the Middle East. Brent and U.S. crude both gained more than 1%.
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01Summary
- 01Brent crude for December delivery rose 1.24% to $107.02 a barrel.
- 02U.S. West Texas Intermediate for November climbed 1.18% to $95.25 a barrel.
- 03Tensions escalated between Saudi Arabia and Iran-backed Houthis after a deadly attack on Riyadh's main airport in Yemen.
- 04A Saudi-led coalition struck Houthi energy terminals and fuel reserves in Yemen, according to Al Jazeera.
- 05CENTCOM rejected claims from an Iranian Revolutionary Guard Navy commander over control of the Strait of Hormuz.
02Why it matters
Higher oil prices can feed through to transport and energy costs, which matters for consumers and businesses. The fighting also raises the risk of wider supply disruption in a key region for global crude shipments.
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