Houthis Seize Yemen Port, Sending Brent Crude Soaring Past $105

The price of Brent crude futures surged to over $105 per barrel on Thursday as concerns about global oil supplies continued to escalate. The jump was largely driven by news that the Houthis, a Yemen-based group, had seized the country's strategic port of Mocha.

This move gives the group greater leverage near the Bab el-Mandeb Strait, a crucial route connecting the Red Sea with the Gulf of Aden. The route has become particularly important for Saudi oil shipments since the conflict with Iran disrupted traffic through the Strait of Hormuz.

Meanwhile, OPEC cut its full-year 2026 global oil demand growth forecast to 380,000 barrels per day, marking its fifth straight downgrade. This reduction in demand is likely to put further pressure on global oil supplies.