Tensions Escalate in West Asia as Iran-Backed Houthis Attack Israel, Fueling Oil Price Surge

Kathmandu. Tensions in West Asia have worsened significantly following the first-ever attack by Iran-backed Houthi rebels on Israel. As this conflict expands, a major surge in crude oil prices was observed in international markets on Monday.

 The price of Brent crude rose by 2.81 percent to $115.73 per barrel, while the price of American West Texas Intermediate also increased by 3.14 percent to settle at $102.77.

The Israeli Defense Forces carried out powerful explosions in various locations in Tehran, the capital of Iran. Iran's Ministry of Energy stated that due to the attack on the electrical infrastructure, power was cut in parts of Tehran and Alborz provinces, but supply has since been restored in most areas. Meanwhile, a massive fire broke out in Israel's industrial zone of Neot Hovav due to missile shrapnel.

Journalists and educational institutions have also been caught in the crossfire of the war. Hundreds of people attended the funeral of three Lebanese journalists killed in an Israeli airstrike, and the American University in Lebanon has started conducting classes online. 

Reports have also emerged of damage to US military bases in Kuwait and Saudi Arabia in the Gulf region. However, Pakistan's Foreign Minister stated that confidence remains for peace talks between Iran and the United States.