EconomyOil Gains as Middle East and Russia Hostilities Threaten Flows

Oil rose Wednesday as hostilities from Russia to the Middle East intensified, putting supply flows at risk after they had recently recovered close to pre-war levels. Brent traded above $106 after Iran-backed Houthi rebels launched missile and drone strikes across Saudi Arabia, damaging Saudi Aramco’s headquarters. Increased Iranian attacks on tankers in the Strait of Hormuz also threaten the Gulf supply rebound.