Oil Prices Climb Amid Supply Concerns from U.S.-Iran Tensions and Yemen Blockade
According to the International Desk of Webangah News Agency, global oil prices experienced a modest rise in early trading this Wednesday. This uptick is attributed to heightened concerns over potential disruptions to supply, fueled by ongoing aerial aggressions by the U.S. military against Iran, and the Ansarullah movement in Yemen’s blocking of the Bab al-Mandab Strait and its naval blockade of Saudi aggressors.
In this context, the price of Brent crude oil futures increased by nearly one dollar, reaching $91.51. Simultaneously, U.S. West Texas Intermediate crude oil also saw a rise of approximately 30 cents, settling at $84.64.
The previous day’s trading saw oil prices hit a five-week high. This surge followed reports of the U.S. military targeting locations in southern and western Iran, with Tehran subsequently launching attacks against U.S. facilities in Bahrain, Kuwait, and Jordan. These retaliatory strikes have amplified worries about potential disruptions to the global energy supply.
Adding to these concerns, Yemen’s Ansarullah movement has imposed a maritime blockade against Saudi Arabia, threatening to target oil-carrying vessels in the Bab al-Mandab Strait. Given the significant reduction in traffic through the Strait of Hormuz after the collapse of the ceasefire between the United States and Iran this month, the Bab al-Mandab passage, situated at the southern end of the Red Sea, had become an increasingly vital route for Saudi crude oil exports.
