Oil prices rise amid US and Iran strikes and threat to close the Red Sea
Oil prices rose notably today, Friday, amid escalating tensions between the United States and Iran in the Gulf. Washington intensified its strikes on Iranian targets in the region, disrupting oil flows through the Strait of Hormuz. Iran responded by launching missile and drone attacks on American bases in neighboring countries, and it has urged its Houthi allies to prepare to close the Bab el-Mandeb Strait in the Red Sea if Iran's infrastructure comes under attack. These developments heightened the risks of global oil supply disruptions. Brent crude increased by 1.25% to reach $85.28 per barrel, while West Texas Intermediate rose by 1.3% to $79.98. Both benchmarks have gained nearly 12% over the past week.
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