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Bab al-Mandab Blockade Threat Pushes Oil Back Above $100
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A fresh front in the Middle East crisis has opened, bringing a return of soaring global energy markets and stoking fears that the oil price could surge to $120 a barrel. The price of Brent crude has jumped by over 13% in a matter of days.
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Bab al-Mandab Blockade Threat Pushes Oil Back Above $100
A fresh front in the Middle East crisis has opened, bringing a return of soaring global energy markets and stoking fears that the oil price could surge to $120 a barrel. The price of Brent crude has jumped by over 13% in a matter of days, breaching the $100 a barrel mark on Thursday. The development comes as Yemen's Houthi militias took aim at a new target: Saudi oil exports via the Bab al-Mandab strait. The strait is a critical waterway for global oil trade, and any disruption to it could have significant consequences for the global energy market. The price of oil has been volatile in recent weeks, and this latest development has added to the uncertainty.
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