Brent crude tops $98 after Houthi attacks raise supply fears
Business
Brent crude oil prices shot up above $98 per barrel on Thursday, reaching their highest point in six weeks.
This spike comes after Houthi rebels attacked two Saudi tankers in the Red Sea, raising fresh worries about oil supply and making key shipping routes like the Strait of Hormuz and Bab el-Mandeb riskier for global trade.
Sensex Nifty slide as oil rises
The Houthi group said they targeted the Saudi ships Encelia and Layla for breaking a maritime blockade.
Saudi officials confirmed damage but said there were no injuries.
Oil markets responded fast, with Brent jumping nearly 4% in a day.
Indian stock markets felt the heat too: by early afternoon, both Sensex and Nifty were down as rising oil prices put pressure on most sectors.