Attack on Saudi Arabia drives oil prices higher

Brent crude futures climbed 1.3% to $115.36 per barrel, while U.S. West Texas Intermediate (WTI) crude increased by 1.22% to $101.12. The Iran-backed Houthi group in Yemen claimed on Tuesday that it had launched a missile attack on one of Saudi Arabia's major oil refineries, which has a processing capacity of 550,000 barrels per day. The claimed attack renewed concerns over energy supplies in the Middle East.

The decline in oil prices seen in previous days amid hopes for a diplomatic resolution reversed following reports of the new attack. Security risks surrounding regional energy facilities and oil shipments continue to play a decisive role in market pricing. Brent crude's rise above $115 per barrel has heightened concerns that global inflationary pressures could persist, while investors are closely monitoring the potential impact of elevated energy costs on central bank interest rate policies.