Oil prices spiked above $116 per barrel Sunday as Iran-backed Houthi militants launched a new barrage of missiles and drones at Israel, signaling the conflict shows no signs of cooling despite diplomatic overtures from Washington.
Brent crude, the global benchmark, climbed 3.3% to $116.25 per barrel. West Texas Intermediate, the main U.S. reference point, gained roughly 3% to nearly $103 per barrel. The moves came as gas prices crept toward $4 a gallon, hitting $3.98 nationally.
The missile attack Saturday marked the first time the Houthis have struck from Yemen since the war began five weeks ago. Israel said it intercepted the projectile. The incident triggered alarm that the rebel group is expanding its role in the broader regional conflict, pushing energy markets into overdrive.
Tehran's parliament speaker, Mohammad Bagher Ghalibaf, threatened to set U.S. troops
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