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Why do oil prices change?
Oil prices are a dance between supply and demand. When something threatens the supply, like an attack on a tanker near a major port, the market reacts by pushing prices up. Traders anticipate less oil being available, so they're willing to pay more for it. This is why the Houthi claim had an immediate effect.
Stories that explain this
UK shares fall over inflation worries as oil passes $100 a barrel Saudi Arabia pipeline closure could stop oil exports in days Brent crude rises above $100 as Iran-US attacks threaten oil suppliesRelated explainers
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