3 Hrs
Source:
CNN Arabic
Oil flow levels before Iran conflict
Oil prices have risen to over $100 per barrel for the first time since May, due to the Houthi threat in Yemen to target Saudi ships in the Red Sea. This increases the risk of disruptions in the vital oil export route. Oil exports are under pressure from escalating tensions in the Red Sea, with the Strait of Hormuz effectively closed—through which about 20.9 million barrels per day flowed before the war—as well as through the Bab el-Mandeb Strait and the Suez Canal. These disruptions could lead to higher shipping costs and increased energy prices globally.
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