Oil prices advanced on Tuesday, with Brent hovering around a five-month high as traders priced in a geopolitical risk premium from Houthi attacks on Saudi infrastructure and reports of vessel attacks in the Gulf. Brent crude settled at $110.10 a barrel, up 0.50%. Yemen’s Iran-aligned Houthis launched several attacks on Saudi energy, airport and military targets, including an Aramco site in Yanbu and the Shaybah oilfield. An attack on a training camp in Shabwa province killed 58 people with more than 200 injured.
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