[MARKET ANALYSIS] Oil prices gained after Yemeni Houthis joined in the Middle East conflict
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[MARKET ANALYSIS] Oil prices gained after Yemeni Houthis joined in the Middle East conflict
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WTI/Brent: WTI May'26 +2.3% / Brent May'26 +2.6%
- Oil prices climbed in which WTI and Brent crude futures briefly climbed above USD 103/bbl and USD 116/bbl, respectively, following the escalation in the Middle East conflict over the weekend, in which Yemeni Houthis joined the conflict for the first time by launching missiles towards Israel, igniting concerns the current oil and shipping-related disruption could widen to the Bab al-Mandab Strait. Furthermore, there were mixed comments from US President Trump who said in an interview that the US could take oil in Iran and could take Kharg Island 'very easily', but separately commented that they had good negotiations with Iran and claimed Iran came back to them on the 15-point plan and gave them most points, but didn't give any further details.
Gold: -0.6%
- Retreated with headwinds from higher oil prices, although the downside is cushioned by a flat dollar and softer yields.
Copper: -0.6%
- Declined at the open amid the downbeat risk appetite following the escalation in the Middle East conflict.
Context
The escalation in the Middle East conflict, particularly with the Yemeni Houthis launching missiles toward Israel, has led to a notable rise in oil prices as concerns grow over potential disruptions to shipping through key passages like the Bab al-Mandab Strait. This situation likely signals heightened geopolitical risks that could drive energy prices higher, impacting inflation expectations and market sentiment across commodities and forex markets.
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