Oil Prices Surge as Escalating Middle East Tensions and Houthi Attacks Raise Supply Concerns

Oil prices surged on Friday, with Brent crude futures rising by 3.7% to $109.86 a barrel and US West Texas Intermediate (WTI) crude futures gaining 3.5% to $101.41 a barrel. This increase was driven by escalating tensions in the Middle East, which have raised concerns about potential disruptions to global oil supplies. Recent Houthi missile attacks on Riyadh's King Khalid International Airport, which caused significant disruption and casualties, underscore the volatile security situation in the region and its direct impact on energy markets.