Brent, WTI steady after 3-day spike amid Mideast, Russian tensions
After three days of spiking, oil prices have finally leveled off: Brent crude is holding at about $106 a barrel, while WTI sits just under $94.
The jump (more than 6% since last Thursday) was mostly because of new tensions in the Middle East and Russia that made traders nervous about supply disruptions.
Saudi Arabia shoots down Houthi missiles
Saudi Arabia recently shot down missiles and drones from Yemen's Houthis, raising fears that oil exports could get disrupted.
On top of that, Iran is threatening shipping in the Strait of Hormuz, a key route for global oil traffic.
The US tried to calm things by announcing a diesel deal with Russia and an energy ceasefire with Kyiv, but not everyone's convinced it'll help.
Meanwhile, Saudi Arabia plans to boost its pipeline capacity so it can ship more oil even if the Strait gets blocked.