Oil Prices Soar on Strait of Hormuz Threats and Red Sea Attacks
Oil prices rose for a fifth consecutive day due to concerns about supply availability amid ongoing attacks on tankers in the Red Sea and strikes between the US and Iran.
The Brent crude futures price increased by $2.42, or 2.6%, to $96.49, its highest since June 8. The previous session saw a rise of more than $3 to settle at $94.07, just shy of a six-week high.
Iran's Revolutionary Guards claimed that the Strait of Hormuz is under their control and 'completely closed' due to US actions in the region, warning that no tanker would be allowed to enter or leave without coordination with Iran.
The Houthi rebels have also targeted vessels carrying Saudi oil in the Bab el-Mandeb strait, trying to impose a naval blockade of Saudi Arabia. This has raised concerns about simultaneous disruptions at both the Bab el-Mandeb and the Strait of Hormuz.