Oil prices hit multi-week highs on Tuesday after Iran-backed Houthis attacked Saudi energy facilities and Tehran threatened the United States with "economic warfare".Brent crude futures LCOc1 were up $2.00, or 2.06%, at
Oil prices hit multi-week highs on Tuesday after Iran-backed Houthis attacked Saudi energy facilities and Tehran threatened the United States with "economic warfare".
Brent crude futures LCOc1 were up $2.00, or 2.06%, at $99.00 a barrel by 0800 GMT. U.S. West Texas Intermediate crude CLc1 was at $94.41 a barrel, up $2.93, or 3.2%.
Brent earlier rose to as much as $99.22 a barrel, its highest since July 24, while WTI reached $94.60 a barrel, its highest since June 8.
"The price action reflects both genuine physical tightness — tanker flows through Hormuz remain well below normal — and a clear geopolitical risk premium. Right now the risk premium is doing a lot of the heavy lifting," said Tim Waterer, chief market analyst at KCM Trade.
"As for the rest of the year, oil looks set to remain elevated while the Strait stays contested and diplomatic progress remains fragile."
Operations at some energy facilities in Saudi Arabia, the world's top oil exporter, were halted on Tuesday following attacks by Yemen's Iran-aligned Houthis that wounded 73 people, in what Saudi authorities called a dangerous escalation.
Meanwhile, Iran threatened the United States with "economic warfare" and said it had fired an advanced
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