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Oil rises on tensions and Strait delays
Oil prices surged significantly due to escalating tensions in the Gulf and the postponement of talks between Gulf countries and Iran regarding the Strait of Hormuz, heightening fears of prolonged disruptions to oil supplies in the Middle East. Futures for Brent crude rose by 4.3% to $109.14, while West Texas Intermediate increased by 4% to $104.04 per barrel. Houthi groups supported by Iran in Yemen have taken control of the islands of Greater and Lesser Hanish, located 160 kilometers from the Bab el-Mandeb Strait that connects the Red Sea to the Gulf of Aden. This strait is a vital waterway through which about 12% of global trade passes. The regional meeting between Iran and Gulf countries, scheduled for today, was postponed, adding to the uncertainty. Experts confirmed that this delay reduces the likelihood of de-escalation and mitigates the risk of further disruptions to oil supplies.
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