Yemen’s Houthis are Targeting Another Airport. Oil Prices Climb Again.

Oil prices are rising again on Wednesday after Yemen's Houthi rebels called for the evacuation of the airport of Aden as clashes with the internationally recognized government continue.

Brent crude, the international benchmark, gained 1.83% and clocked in at $111.41 per barrel at 9:42 a.m. ET, while West Texas Intermediate, the U.S. benchmark, climbed 1.69% and stood at $101.59 per barrel at the same time.

The Iran-backed group said the call is a result of the presence of a Saudi military cargo plane. It has repeatedly targeted the airport, located in the southern part of the country. Reuters cited residents of the area who heard explosions in the area before the evacution notice.

Several countries are sending military aid to Saudi Arabia as clashes with the Houthis continue. Egypt is the latest one to do so after the country's parliament on Monday authorized the military to send aid to Riyadh. Cairo's involvement would be limited to defending the country's territory, according to President Abdel Fattah al-Sisi.

The decision took place just days after Turkey said it would seek parliamentary approval to send military personnel to the country as part of its newly-signed defense pact with Riyadh and Islamabad.

Elsewhere, the UK increased the amount of military support sent to Riyadh. London noted that it will send fighter jets to perform defensive operations, also providing refueling support on actions that include strikes against Houthi targets.

Pakistan, in turn, has sent about 8,000 troops and air force fighter jets to conduct strikes, according to another report. Troops, however, are unlikely to engage in any fighting and will be tasked with defending Saudi oil infrastructure.

Saudi Arabia is also taking steps of its own. Reuters reported last week that Riyhad appears to be expanding a ballistic missile factory in a move that could allow the kingdom to produce weapons capable of traveling farther or carrying heavier payloads.

Riyadh is also planning to store some of its crude oil in Singapore to keep it safe as it keeps being targeted. Reuters reported that Riyadh plans to store oil at Singapore's Jurong Rock Caverns in 2027 to strengthen supply security.