Oil prices jumped more than $3 on Tuesday after Saudi Arabia suspended oil loadings at its Red Sea port of Yanbu and Libya halted operations at three oil fields amid attacks by Iran-backed Houthis, raising concerns that global supply disruptions could persist, Reuters reported.
Brent crude futures rose $3.49, or 3.3%, to $109.20 a barrel at 1:20 p.m. ET, while US West Texas Intermediate futures gained $5.08, or 5.01%, to $106.46. Both contracts were on track for their highest close in nearly four months.
