Global oil prices have risen above $105 per barrel following attacks by Yemen’s Iran-backed Houthi movement on Saudi Arabia, intensifying concerns over global supplies ahead of the northern hemisphere winter.
Brent crude rose by 0.8 per cent to $105.60 per barrel, while US West Texas Intermediate gained 0.9 per cent to $92.69.
Market uncertainty has also deepened following US President Donald Trump’s claim of an energy ceasefire between Russia and Ukraine, which Moscow has yet to confirm.
Meanwhile, the US dollar strengthened against major currencies as investors awaited inflation data expected to provide clues on the Federal Reserve’s next interest-rate decision.
European stocks also advanced in midday trading, supported by gains in the automobile sector following the European Union’s move to cap imports of Chinese hybrid vehicles.
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Investors are also watching upcoming corporate earnings reports from major US banks and technology companies for further signals on the global economic outlook.
