Article #85893

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.