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Oil prices surge on Middle East escalation worries
Crude hit its highest levels in months as investors focused on potential disruptions to energy supplies after reports of a Yemen port capture.
The cost of crude oil jumped to its highest levels in months as markets reacted to rising tensions in the Middle East.
According to The New York Times Business, investors grew concerned that energy supplies could tighten after reports that an Iranian-backed Houthi militia captured a port city in Yemen.
The coverage said the escalation stoked fears of disruption risk, helping push oil prices higher despite the lack of additional details on supply impact.
Latest closeWTI crude $97.01 ▲4.3%
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