Oil Markets Rise on Houthis' Encirclement Plan
The article focused on the recent escalation in the oil market following the Houthi group’s announcement of a "blockade by blockade" strategy against Saudi Arabia. Oil prices rose significantly after the group imposed a blockade on maritime navigation related to the kingdom. The price of Brent crude rose to $91.42 per barrel, the highest level since June 2023, while the futures contracts for Brent crude also increased to $88.28. Additionally, tensions in the Middle East, including the escalation by the Houthis, disrupted oil shipments through the Strait of Hormuz, further exerting pressure on the oil market and contributing to the rise in prices.
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