Oil rises Wednesday, amid worries over supply disruptions as tensions continue to escalate in the Middle East with fighting between Iran-backed Houthis and Saudi Arabia.
Futures for international benchmark Brent crude for December delivery gained 0.61% to $106.33 a barrel. U.S. West Texas Intermediate futures for November advanced 0.63% to $94.73 per barrel.
Fighting between Saudi Arabia and Iran-backed Houthis continued to escalate, following a deadly attack on Riyadh's main airport by Tehran-backed Houthis in Yemen.
According to Al Jazeera, Houthi energy terminals and fuel reserves in Yemen were struck by a Saudi-led coalition, though a spokesperson said that precautions were taken to avoid "collateral damage on civilians."
Meanwhile, tensions also continued to simmer between the U.S. and Iran.
U.S. Central Command rejected claims by the commander of Iran's Islamic Revolutionary Guard Corps Navy that the Strait of Hormuz is under Iran's control and that any approaching U.S. Navy warships would be "sunk."
"RGC's navy commander has no navy," CENTCOM said in an X post, adding that "American forces and regional partners clearly control the Strait of Hormuz."
Oil may rally another $20-$25 due to the Iran conflict, hedge fund manager and noted commodity trader Paul Tudor Jones said on on CNBC's "Squawk Box."
"I am long oil... bullish oil...I think it can rally another $20 or $25 bucks," said the founder and chief investment officer of Tudor Investment.
"If something to ameliorate the situation was going to happen, it would have happened already before the midterms," he added.