Houthi Blockade Sends Oil Prices Soaring to $100 a Barrel

The Houthi blockade on Saudi Arabian oil shipments is causing uncertainty in the crude market. Analysts are watching which tankers Yemen's Houthis allow to pass through the Red Sea, as this will determine how the crude market trends.

Oil prices have surged to $100 a barrel for the first time since late May, with Brent futures rising by 6.96% on Thursday.

The Houthi threat is affecting not just oil but also diesel prices, which are being impacted more significantly due to Ukrainian drone attacks taking offline some of Russia's oil refineries.

China's reduced imports have helped stabilize global prices, and it remains unclear whether China will start importing again or use its own strategic reserves.