Oil prices have surged due to escalating conflicts involving Iran, particularly after Houthi militia attacks on ships in the Red Sea. The group is aligned with Tehran. This development has disrupted oil shipping activities.
On Thursday, Brent crude, the international benchmark, exceeded $100 per barrel. Futures traded around $101 per barrel, marking an increase of over $25 since the U.S.-Iran ceasefire in July. Similarly, U.S. benchmark West Texas Intermediate crude futures reached approximately $92 per barrel, also $25 higher since early July lows. The ongoing unrest has caused fluctuations in oil prices as violence jeopardizes shipping through the Strait of Hormuz, a crucial channel for global oil transported between Iran and the Arabian Peninsula.
Additionally, Houthi rebels based in Yemen reported attacking two Saudi oil tankers in the Red Sea, a critical shipping route on the opposite side of the Arabian Peninsula. Such attacks threaten oil shipments passing through this route.
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Additional Reading
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