Oil prices jumped over 6% on Thursday, with major benchmarks exceeding $100 a barrel as escalating geopolitical tensions fueled fears of further disruptions to already strained supplies.
The Iran-aligned Houthi group’s seizure of Yemen’s Mocha port exacerbated concerns over Red Sea traffic, complementing restrictions in the Strait of Hormuz amid intensified regional tanker attacks.
Ongoing threats from Yemen to Saudi energy infrastructure have broadened market risks beyond Iran, posing significant implications for regional export routes and oil production, analysts warn. The situation remains fluid with increased volatility driven by China’s crude import patterns.
(With inputs from agencies.)