Oil prices hit a five-month high as Iran-backed Houthi rebels in Yemen kept attacking Saudi Arabia, fuelling concerns over supply and inflation. Brent rose 1.52% to $111.30 a barrel and WTI climbed 2.30% to $100.80, levels last seen in mid-May. The Houthis claimed six attacks on Saudi targets, including King Khalid International Airport in Riyadh, while Middle East crude supplies remain constrained by the US-Iran conflict. The IEA agreed to release more than 20 million barrels of diesel as wholesale diesel topped $200 per gallon in Singapore and about $220 in Europe and the US. Analysts say higher energy costs raise the likelihood of another Fed rate hike when it meets next week.
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Related news
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