Oil Prices Climb as Middle East Tensions Intensify

Crude oil prices experienced a 1% rise during a shortened trading session on Tuesday, driven by escalating tensions in the Middle East.

The Yemen-based Houthis claimed another missile attack on Tel Aviv using a hypersonic ballistic missile, Palestine 2. In response, Israeli Defense Minister Israel Katz threatened to target Houthi leaders in a manner similar to previous operations against Hamas and Hezbollah leaders.

By 9:34 am ET, Brent crude for February settlements increased by 1.02% to trade at $73.37 per barrel. Shortly after, West Texas Intermediate (WTI) for the same month's deliveries rose by 1.07% to sell at $69.93 per barrel.