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Oil Prices Rise Amid Iran's Threats to Close the Bab al-Mandeb Strait
Oil prices rose by more than 1% today, Thursday, due to escalating concerns over energy supplies in the Middle East after Iran urged the Houthi movement in Yemen to prepare for closing the Bab el-Mandeb Strait, through which approximately 7% of global oil production passes. The escalation between Iran and the United States, including military strikes and threats to cut energy exports, has led to a decrease in vessel traffic through the Strait of Hormuz, increasing the likelihood of oil prices reaching between $90 and $95 per barrel, with the possibility of surpassing $100 amid ongoing unrest.
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