Brent crude rises above $108 as Yemen conflict deepens
Brent crude climbed above $108 a barrel as reports said Iran-backed Houthis seized Yemen’s key Red Sea port of Mocha and advanced toward the Hanish Islands. The report also said Asian markets fell and U.S. stock futures were mixed.
On Thursday, Iran-backed Houthis reportedly seized Yemen’s key Red Sea port of Mocha and advanced toward strategically important islands. 00. m. EDT.
54 per barrel. 832 per MMBtu. S. 02% at the time of writing.
86. Read Also: Iran’s Suspected Nuclear Site Sees 'Clear Surge' in Construction as Pentagon Sharpens Underground Strike Plans: Report Houthis Advance Toward Bab el-Mandeb Yemeni government military sources said the Houthis captured Mocha and moved toward the Hanish Islands, increasing their leverage over the Bab el-Mandeb Strait, a critical maritime chokepoint linking the Red Sea with the Gulf of Aden, Control of the waterway could give Iran and its allies another potential pressure point over global energy shipments. The Strait of Hormuz, through which roughly one-fifth of global oil supplies previously passed, is already severely disrupted by the conflict.
The Houthi-controlled humanitarian operations center said Red Sea navigation remains safe for most shipping companies but warned that Saudi vessels are excluded. The threat comes as Saudi Arabia increasingly relies on the Red Sea route after the conflict effectively restricted access through Hormuz. Trump Faces Pressure Ahead of Midterms The latest escalation complicates President Donald Trump’s efforts to end the conflict. Trump has said he expects the Iran war to conclude after the November midterm elections.
N. S. accused the Houthis of acting as Iranian proxies. Meanwhile, only seven vessels crossed the Strait of Hormuz Wednesday, preliminary tracking data showed, the report noted.
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