Oil prices continue to rise as Houthi rebels attacked two Saudi oil tankers in the Red Sea earlier.

Oil prices continue to rise, as the Houthi rebels supported by Iran claim to have attacked two Saudi Arabian oil tankers in the Red Sea, leading to an escalation of conflict in the Middle East and potentially worsening supply disruptions. Brent crude futures rose more than 2.2% to above $96 per barrel at one point, closing at a six-week high on the previous trading day; while WTI crude futures hovered around $88. The Houthi rebels claimed to have launched missiles and drones at ships violating the blockade, identifying these two oil tankers as the Engelia and Layla. Just minutes before the Houthi rebels issued their statement, the UK Maritime Trade Operations organization reported that a vessel was hit by ammunition southwest of Al Shuqaiq along the coast of Saudi Arabia's Red Sea, causing a fire on board. The organization did not disclose the specific name of the ship.