Oil prices up after escalation in Middle East tensions
“Strikes by Yemen’s Iran-backed Houthi movement on Saudi Arabia and weekend attacks on two oil tankers, heightened investors concerns about potential regional oil supply disruptions, the outlet said. Br…”
Brent crude futures rose 76 cents, or 0.73%, to $105.48 a barrel by 7:04 p.m. EDT Sunday, while U.S. West Texas Intermediate (WTI) crude gained 59 cents, or 0.64%, to $92.44 a barrel. Houthi forces claimed responsibility for a missile strike on Riyadh’s international airport Saturday that killed 13 people and injured more than 300 others.
Saudi authorities also confirmed another death and additional injuries following a second attack on the airport Sunday. The Federal Aviation Administration (FAA) warned U.S. airlines on Sunday to exercise extreme caution when operating in or over Saudi airspace, citing heightened security risks from ongoing military conflict and navigation system disruptions, Reuters reported.
The FAA notice to airmen (NOTAM), effective through Dec. 10, follows a series of strikes targeting Riyadh, Saudi Arabia's capital, including renewed attacks over the weekend. "Threats could pose a potential risk to aircraft at all altitudes, including overflight, the arrival, and departure phases of flight," the FAA stated.
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