Bab el-Mandeb Threat Fuels Oil Price Surge

Oil prices are poised for a weekly gain amid concerns over global energy supply routes. The threat of closure to the Bab el-Mandeb shipping route, which connects the Red Sea to the Indian Ocean, has sparked fears among traders.

Houthi attacks on tankers in the Red Sea have driven up oil prices, with Brent futures easing 72 cents, or 0.72%, to $99.97 a barrel as of 0126 GMT. This represents a 13.5% advance for the week.

The Iran-aligned Houthis declared on Monday that they were imposing a naval blockade on Saudi Arabia, which had been diverting its oil via pipeline to get around Iran's closure of the Strait of Hormuz. US President Donald Trump vowed to 'hold Iran responsible' for any further attacks.