Benchmark rises sharply over fears Houthi militia could strangle Saudi exports as US-Iran fighting intensifies
The oil price has climbed back above $100 a barrel for the first time in two months, as a fresh escalation of the Middle East conflict threatens to compound disruption to global oil supplies.
The benchmark oil price rose sharply on Thursday, after reaching $95 a barrel the day before amid fears that Yemen’s Houthi militia could strangle Saudi oil exports through the Red Sea while US-Iran tensions over oil flows through the strait of Hormuz intensify.
Continue reading...
TH
Source
This article was originally published by The Guardian and written by Joanna Partridge.
Read original article on The Guardian