Middle East Disruptions Spark Oil Price Surge

Kirk Edwards, an Odessa oilman, warns that multiple pressure points in the Middle East are restricting global oil supplies.

The Strait of Hormuz is just one of several maritime bottlenecks developing across the region, according to Edwards.

He cites the Houthi rebels' threat to traffic near the Bab el-Mandeb Strait as another factor contributing to uncertainty and disruption in global energy logistics.

Edwards notes that insurance premiums are rising, shipping costs are increasing, and companies are becoming more reluctant to place assets in harm's way due to the growing uncertainty.