Commodities
Houthi Capture of Mokha Port City Sends Oil Prices Soaring
Oil prices held above $100 per barrel on Friday morning after the Iran-backed Houthis captured Yemen's Mokha port city, raising concerns about disruptions to Saudi oil supplies through the Bab al-Mandab Strait.
The capture of Mokha by the Houthi forces has increased the threat of supply disruptions, with Brent crude futures rising 1 percent to $108.68 per barrel and US West Texas Intermediate crude also gaining 1 percent to $103.45 per barrel.
Saudi Arabia's Permanent Representative to the United Nations, Ambassador Abdulaziz Alwasil, warned that Houthi attacks threaten not only the kingdom but also international navigation and trade in the Red Sea and the Bab al-Mandab Strait.