Oil rises after US diplomat withdrawal
Oil prices have notably risen after the United States issued orders for its diplomatic staff and their families to evacuate several embassies in the Middle East, due to escalating Houthi attacks on Saudi Arabia. The futures contracts for Brent crude increased by $1.29 to $110.11 per barrel, while U.S. West Texas Intermediate rose by 1% to $98.12 per barrel. This surge comes amid increasing tensions in the region, where Saudi Arabia has faced repeated attacks from Iran-backed Houthis, leading to disruptions in the global oil market and concerns over security and economic repercussions.
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