Riyadh: (RightNow) Iran-backed Houthi rebels from Yemen have launched missile and drone attacks on Saudi Arabia’s capital, Riyadh. Following these attacks, an increase in oil prices has been observed in the global market.

Rising tensions in the Middle East and the deadlock between the US and Iran have raised concerns among investors about potential supply disruptions. This situation has led to an increase in oil prices.

Brent crude oil prices have risen by 81 cents or 0.78%, reaching $104.68 per barrel. The US West Texas Intermediate (WTI) crude oil price also increased by 76 cents or 0.76%, reaching $101.06 per barrel.

The rise in oil prices could impact the global economy. Concerns over supply disruptions are causing anxiety among investors, leading to expectations of further volatility in the global market.

It is noteworthy that Houthi attacks on Saudi Arabia have occurred before, contributing to regional tensions. Saudi Arabia has appealed to the international community to control Houthi activities.