Oil reverses course higher after US and Houthi attacks - investingLive

Oil prices have reversed higher in light of fresh reports about two separate Middle East strikes. WTI had traded down to $99.24 earlier and brent to $106.82, both after the US waived santions on Russian fuel. That move now seems to have bought about 15 hours of lower oil prices and now crude is up on the day, with WTI at $103.13 and brent just above $110. Two stories have driven the gains, the first is that the Iranian navy said the US attacked the Konarek naval base with "two light projectiles" early this morning and that wo solidiers were injured. More recently, a pair of reports highlight that Houthis claimed six attacks on Saudi Arabia in the past 48 hours, including strikes on the Yanbu oil facility owned by Aramco, the Shaybah oilfield and airports in Ryiadh and Abha. Today, Saudi Arabia cancelled this year's 'Davos in the Desert' conference. The next quesion is what will be the retaliation for the latest strikes on both sides. The US hadn't attacked Iran in seven weeks; Trump also said no attacks before the midterms. This one was characterized as small so perhaps it's ignored as Iran continues to focus on striking ships transiting Hormuz.