Oil Prices Head Upward Following Targeting of Saudi Tanker in Red Sea

Oil prices rose Wednesday afternoon, reversing earlier trends amidst renewed concerns over crude supply stability from the Middle East. This surge followed the Ansar Allah group (Houthis) announcement of targeting the Saudi oil tanker "Wafaa" with missiles in the Red Sea, confirming a direct hit. U.S. "West Texas Intermediate" futures for September recorded a 0.46% increase, reaching $76.12 per barrel. Global "Brent" crude futures for October climbed by 0.97%, settling at $80.13 per barrel. Early trading saw "Brent" contracts below $80, as investors awaited Washington-Tehran negotiations, hoping for resumed navigation via the Strait of Hormuz.