WTI crude oil prices rose more than 1% this morning after reports that Houthi rebels in Yemen fired cross-border ballistic missiles at the United Arab Emirates (UAE).
- WTI crude futures rose $1.20, or 1.38%, at $88.02 a barrel.
- BRENT crude futures were up 68 cents, or 0.76%, at $89.68 a barrel.
Houthi rebels in Yemen fired cross-border ballistic missiles at the UAE at midnight on Sunday. It is the third time in less than two weeks that Houthi rebels have launched an attack on the UAE. UAE is one of the key alliances of the Saudi Arabia-led coalition. The Houthi rebels are said to be supported by the Iranian government, which is in dispute with Saudi Arabia, according to mainstream media.
However, the UAE Ministry of Defense confirmed that the UAE military successfully intercepted the missile and the remnants of the fired missiles landed in uninhabited areas.
The U.S. State Department has stepped up its warning about the dangers of missile or drone attacks when traveling to the UAE, according to the statement.
“Such attacks will affect U.S. citizens and interests in the Gulf. Rebels operating in Yemen have expressed their desire to attack neighboring countries, including the UAE, using missiles and drones. Past attacks have targeted densely populated areas and civilian infrastructures.”
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Monday, January 31, 2022