Oil rises after Houthis threaten Saudi vessels in Red Sea
Oil prices climbed on Wednesday after Yemen's Houthi rebels said they would ramp up attacks on Saudi vessels in the Red Sea.
Brent crude hit close to $80 a barrel, while US oil was around $76, both recovering from earlier dips.
The Houthi spokesperson, Yahya Saree, made it clear their actions in the Red Sea are set to intensify.
US Iran working on Hormuz deal
The drama is not just at sea. Behind the scenes, the US and Iran have been working on a deal to keep traffic moving safely through the Strait of Hormuz.
Qatar said an interim proposal had been drafted, but ongoing threats mean key shipping routes like the Red Sea remain risky for Saudi oil exports.
Meanwhile, Saudi Arabia is talking with the militants via Oman but is also preparing military options should negotiations fail.