Oil surges over 2% as Houthi attack rekindles supply fears

Crude oil prices surged more than 2% on Wednesday, with futures trading around $102.13 per barrel and Brent crude climbing above $116, as renewed Middle East tensions revived concerns over global energy supplies. Yemen?s Iran-aligned Houthi group claimed responsibility for a missile strike on Saudi Arabia?s largest oil refinery, heightening fears of further disruptions amid the ongoing regional conflict. Investors will also watch Sunday?s OPEC+ meeting for December production targets. Meanwhile, the US dollar index held near 102.3 ahead of the Federal Reserve?s policy decision, with markets seeking signals on the possibility of a December rate hike. On MCX, November crude oil futures rose more than 2% to ₹9,673 per barrel.

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