Oil prices rose on Wednesday amid supply concerns following Houthi attacks on Saudi Arabia

Oil prices rose on Wednesday amid supply concerns triggered by attacks by Houthi rebels on Saudi Arabia. At the same time, investors are assessing the possibility of additional diesel exports from Russia, which could limit the price increase.

Brent crude futures rose 0.8% to $106.58 per barrel, while West Texas Intermediate (WTI) increased 0.9% to $94.94 per barrel. The move came after Brent fell 0.9% on Tuesday, while WTI rose 0.4%.

The Houthis, allies of Iran, attacked an administrative building belonging to oil company Saudi Aramco in the city of Dhahran, causing a relatively small fire. Over the past week, the group has launched missiles and drones at Saudi Arabia, including at the international airport in Riyadh. An attack on Saturday left 13 people dead.

Analysts warn that supply risks could support prices, while additional diesel deliveries from Russia could temper volatility. The market is also monitoring tensions in the Strait of Hormuz, as well as the increase in OPEC+ production following Saudi Arabia's production increase last month.