Oil Surges Above $106 as Middle East and Russia Tensions Threaten Supply
Source Summary
Brent crude traded above $106 per barrel Wednesday as Iran-backed Houthi rebels escalated attacks, launching missile and drone strikes across Saudi Arabia that damaged Saudi Aramco's headquarters. Iranian attacks on tankers in the Strait of Hormuz are also intensifying, threatening a recovery in Gulf supply that had only recently returned to near pre-war levels.
Why it matters
Supply disruptions in the Middle East and ongoing Russia-related tensions directly drive crude prices higher, affecting global energy costs and economic activity.
