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Brent crude rises 3% to $90.74 amid Middle East tensions
Brent crude oil prices rose by 3% to reach $90.74 per barrel, due to escalating military tensions between the United States and Iran in the Gulf. Iran has requested the Houthi movement in Yemen to prepare for closing navigation in the Red Sea, particularly through the Bab el-Mandeb Strait, should there be American attacks on Iranian infrastructure. This has heightened fears of disruptions to global oil supplies and rising prices. Moreover, continued escalation could push Brent prices to $100, posing significant risks to global supply chains, especially as the International Monetary Fund warns of potentially adverse effects on global growth and inflation—particularly in Europe, which heavily relies on energy imports.
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