Oil rises 12% in a week amid fears of closing Bab al-Mandab Strait
The oil market experienced a 12% increase over the course of a week amid escalating tensions in the Gulf region between the United States and Iran. Concerns grew about potential disruptions to oil supplies through the Strait of Hormuz and the closure of the Bab el-Mandeb Strait. American strikes targeting Iranian sites in the Gulf, including air raids on military targets, heightened fears regarding the stability of global oil supplies. Additionally, Iran requested the Houthis to prepare for closing the Bab el-Mandeb Strait if its energy infrastructure were attacked. As a result, oil prices rose significantly, with Brent reaching $85.28 per barrel and U.S. crude at $79.98, with Brent garnering an almost 12% weekly gain.
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