Oil Prices Skyrocket Amid US-Iran Tensions and Yemen Conflict

Crude oil prices rose to their highest levels since May as tensions between the US and Iran escalated, along with concerns about supply disruptions in the Middle East.

The Brent benchmark reached $108.20 per barrel on Friday, a 60-cent gain from Thursday's close of $107.63, while West Texas Intermediate (WTI) hovered around $103, up 56 cents from its prior session's finish at $102.48.

The surge in prices was driven by the US-Iran confrontation and the Houthi offensive in Yemen, which has led to concerns about lasting interruptions to global crude flows through the Hormuz and Bab al-Mandeb corridors.

The Houthi fighters have overrun Mocha, Yemen's key Red Sea port, and are pressing onward toward the Bab al-Mandeb Strait, raising worries that they might secure greater sway over vessels using the waterway.