Houthi attacks Saudi airport push WTI near $93 Brent $107
Oil prices are climbing fast thanks to rising tensions in the Middle East.
After new attacks by Iran-backed Houthi militants on a Saudi airport, West Texas Intermediate (WTI) is close to $93 a barrel, and Brent is near $107 a barrel.
The situation has sparked calls for more US involvement in Yemen and added fresh uncertainty to global energy supplies.
Overlapping conflicts fuel oil volatility
It's not just one thing. Conflicts are flaring across the region. Attacks on Ukraine's energy grid continue despite talk of an "energy ceasefire."
Incidents in the Strait of Hormuz have escalated, leading a growing number of vessels to turn away from a port in the United Arab Emirates, making things even messier.
An energy specialist at TP IC Group, Scott Shelton, points out that all these overlapping issues are fueling market volatility, so don't expect oil prices to settle down anytime soon.