Oil prices hit multi-month high as Houthi attacks on Saudi Arabia stoke supply fears

Oil prices have risen to their highest level in months, with Brent crude trading around $116.50 per barrel, a level last seen in late April or early May. The price surge is driven by new attacks from the Iran-backed Yemeni Houthi movement on Saudi Arabian ports, oil facilities, and airports, alongside the stalled Iran war situation. These attacks threaten to disrupt oil and gas traffic through the Strait of Hormuz, where flow is near levels seen before the US-Israeli military strikes on Iran in late February. According to The New York Times, the Trump administration and Israel plan renewed attacks on Iran after the US midterm elections in early November.