Oil Prices Hit Six-Month High Amid Houthi Attacks

Crude oil prices have risen in the global market amid attacks by Yemen-based Houthi militants and concerns that fuel supplies through key shipping routes could be disrupted. On Friday, October 23, oil prices reached their highest level in six months.

According to a report by Reuters, Brent crude was trading at $116.72 per barrel in the international market on Friday. This represented an increase of $3.55, or 3.14 percent, from Thursday’s price.

Meanwhile, the price of US West Texas Intermediate (WTI) crude rose to $103.27 per barrel, up $3.80, or 3.8 percent, from the previous day.

Citing market analysts, Reuters reported that crude oil prices had last reached a comparable level on April 29. At the time, military operations and retaliatory attacks between the United States and Iran had intensified.

According to analysts, Brent crude prices increased by 6 percent over the past week, while WTI prices rose by 2.3 percent.

A series of Houthi attacks targeting Saudi Arabia in recent weeks has heightened concerns about the security of regional energy infrastructure. Market participants fear the attacks could disrupt oil supplies.

An oil spill incident in the United Arab Emirates has also raised concerns about the risks facing energy supplies in the region. Any disruption in this strategically important area of the global energy market could trigger further volatility in international oil prices.

Rising oil prices have also affected the US stock market. According to Reuters, the energy sector index on Wall Street rose 2.5 percent on Friday, reaching a record high. However, major US stock indexes ended the session lower.