Concerns Over Supply Spark Oil Price Increase

As tensions escalate in the Middle East, oil prices have seen a significant uptick. Recent military actions by the United States in Yemen and Israel's large-scale attacks on the Gaza Strip have raised concerns about potential disruptions in oil supply. The Houthi militant group's vow to escalate the confrontation following these events has added to the unease, especially considering their previous disruptions of the Red Sea shipping route.

Market Reactions

In response to these developments, West Texas Intermediate for April deliveries increased by 1.23%, reaching $68.43 per barrel by 7:16 am ET. Similarly, Brent for May settlements saw a rise of 1.27%, trading at $71.90 per barrel by 7:17 am ET.