Supply Concerns After Houthi Attack on Saudi Arabia... Brent Crude Oil Surges 3.41%

[Financial News] International oil prices surged on the 24th (local time) following a missile attack on Saudi Arabia by Yemen's Houthi rebels. This comes as concerns about potential disruptions to crude oil supplies in the Middle East have grown again.
On this day, November Brent Crude Oil futures on ICE Futures Europe closed at $106.60 per barrel, up $3.52 (3.41%) from the previous session.
At the New York Mercantile Exchange (NYMEX), West Texas Intermediate crude oil (WTI) for November delivery closed at $94.61 per barrel, up $2.45 (2.66%) from the previous session.
During the trading session, the rate of increase in oil prices briefly expanded to around 5%. This was due to news that Iran-backed Houthi rebels had launched ballistic missiles toward Saudi Arabia.
The Saudi-led coalition announced that Saudi Arabia intercepted six ballistic missiles fired by Houthi rebels targeting Ta'if and Yanbu, an oil export hub on the Red Sea coast.
Yanbu is an export hub for the East-West oil pipeline connecting the eastern Saudi oil fields with the Red Sea. Market vigilance has risen as a major crude oil export route has become a target of attack.
However, the upward trend calmed somewhat on news that the United States and Iran are discussing a phased end to the war, including the reopening of the Strait of Hormuz. Oil prices closed trading having pared some of their gains from their intraday high.
Reuters reported, citing sources familiar with the negotiations, that United States and Iranian negotiating teams are exploring a phased approach to ending the war in New York. It is reported that the plan involves exchanging Iran's reopening of the Strait of Hormuz for the lifting of United States economic sanctions against Iran.
Iran is demanding that the United States lift the economic blockade that is pressuring its economy. On the other hand, the United States maintains that Iran must guarantee the free passage of ships in the Strait of Hormuz, a major oil shipping route currently blocked.
However, it is reported that both sides are trying to maintain their negotiating leverage, making it difficult to be the first to concede. Consequently, it is known that significant obstacles remain before an actual agreement is reached.

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