Oil prices jumped sharply Sunday as Iran-backed Houthi militants fired missiles and drones at Israel, with global benchmark Brent crude rising 3.3% to $116.25 per barrel. WTI crude also gained about 3% to nearly $103 per barrel, marking a significant escalation in energy market tensions.
The price surge reflects growing concerns about regional stability as the conflict enters its fifth week with little sign of resolution. More than 3,500 U.S. troops, including about 2,500 Marines, have been deployed to the Middle East as tensions escalate across multiple fronts.