Oil rises amid supply disruptions, gold holds steady
Oil prices rose on Wednesday amid concerns over supply disruptions due to the escalating conflict between Yemen's Houthi group and Saudi Arabia, while gold held steady awaiting US inflation data. Brent crude futures rose 0.8% to $106.58 per barrel, and West Texas Intermediate crude rose 0.9% to $94.94 per barrel. This follows a 0.9% decline in Brent on Tuesday against a 0.4% rise in US crude.
Oil prices rose on Wednesday amid concerns over supply disruptions due to the escalating conflict between Yemen's Houthi group and Saudi Arabia, while gold held steady awaiting US inflation data that could determine the direction of interest rates. Brent crude futures rose 0.8% to $106.58 per barrel, and West Texas Intermediate crude futures rose 0.9% to $94.94 per barrel. This increase came after Brent crude fell 0.9% during Tuesday's trading, while US crude rose 0.4%. Hiroyuki Kikukawa, senior analyst at Nissan Securities Investment, said concerns about supply disruptions from the conflict between the Houthis and Saudi Arabia are pushing oil prices higher, expecting WTI crude to trade between $90 and $100 per barrel. In a development reflecting escalating security risks, the Saudi Energy Ministry said the Houthis attacked an administrative building belonging to Aramco in Dhahran, causing a limited fire. The Houthis have launched ballistic missiles and drones towards Saudi Arabia in recent days, in response to the kingdom's support for forces loyal to the Yemeni government.