Oil Gains as Middle East, Russia Hostilities Imperil Flows

Oil gained Wednesday as hostilities intensified from Russia to the Middle East, threatening supply flows that recently recovered to near pre-war levels. Brent traded above $106 after Iran-backed Houthi rebels launched missile and drone strikes across Saudi Arabia, including a hit that damaged Saudi Aramco’s headquarters. Iranian attacks on tankers in the Strait of Hormuz also threaten Gulf supply rebound.