Oil prices remained elevated on Wednesday as investors assessed fresh risks involving Saudi Arabia, Yemen’s Houthi group and the wider Middle East conflict. Brent crude rose around 1% to approximately $101.65 a barrel, while US crude moved above $90 a barrel.
The latest movement comes as markets continue to monitor risks to energy infrastructure and shipping routes in the region. Although substantial volumes of crude and refined products have continued to leave the Middle East, concerns around the security of key routes are keeping a risk premium in oil prices.
Gold, meanwhile, moved higher in international markets, with spot gold around $4,165.53 an ounce. Precious metals continue to receive support from geopolitical uncertainty, while investors are also assessing interest-rate expectations following developments in US and Indian monetary policy.
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