Brent Crude Surges to $89.63 Amid Escalating Houthi Attacks

Houthi attacks in the Bab Al-Mandab Strait have driven Brent crude prices to $89.63, a significant increase due to renewed pessimism about a quick resolution to the Iran war.

The US and Yemen-based Houthi movement announced separate attacks on vessels on Tuesday, with reports indicating that four crew members were killed on a small cargo ship in the Bab al-Mandab Strait.

Iran's top security official Mohsen Rezaei stated that the Hormuz Strait would remain closed unless the US accepts Iran's terms for ending the war, which include releasing Iranian assets frozen abroad and ending conflicts in Lebanon and Gaza.