Oil prices rose on Tuesday, with Brent crude futures up 1.25% to $107 per barrel, following Houthi attacks on Saudi Arabia and Iranian attacks on vessels in the Gulf region.

International benchmark Brent crude futures for November rose 1.25% to $107.00 per barrel, while U.S. West Texas Intermediate (WTI) crude futures for October gained 1.27% to $102.68 per barrel. This followed new attacks by Houthi rebels on Saudi Arabia and Iranian attacks on vessels in the Gulf region. Saudi Arabia has shut down its critical east-west oil pipeline, which bypasses the Strait of Hormuz, after drones launched from Iraq damaged it, exacerbating already tight oil supply disruptions. Al Jazeera reported that Houthi rebels fired ballistic missiles and drones at Saudi Arabia on Monday, injuring 13 civilians. Additionally, U.S. Central Command refuted claims by Iran's Revolutionary Guard that the Panamanian-flagged tanker El Gaia struck a mine in the Strait of Hormuz, stating that the tanker was hit by an Iranian missile last month and rendered inoperable. Komal Sri-Kumar, president of Sri-Kumar Global Strategies, said that inflation would accelerate given the pipeline attacks and the shutdown of Saudi Arabia's east-west pipeline.