Houthi Seizure Sends Oil Prices Soaring Above $100 Per Barrel

Oil prices are on track to end the week above $100 per barrel for the first time in nearly four months as supply concerns rise after Houthi rebels seized a key port city along the Red Sea.

The seizure of Mokha, a strategic port city near Bab Al Mandeb Strait, has raised fears that the Yemen-based group could increase its influence and disrupt oil exports to Asian markets.

Houthi forces advanced towards coastal areas, including a push towards Mokha, prompting oil prices to jump as supply disruptions compound existing pressure on Gulf supplies.

Earlier in the week, Houthi attacks forced some Saudi energy facilities to halt operations while US-Iran fighting continues to threaten tanker traffic through Hormuz.