Tensions Escalate in West Asia as Iran-Backed Houthis Attack Israel, Fueling Oil Price Surge

Kathmandu. Tensions in West Asia have worsened significantly following the first-ever attack by Iran-backed Houthi rebels on Israel. As this conflict expands, a major surge in crude oil prices was observed in international markets on Monday.

The price of Brent crude rose by 2.81 percent to $115.73 per barrel, while the price of American West Texas Intermediate also increased by 3.14 percent to settle at $102.77.