Maritime clashes and Houthi gains push oil above $100
Crude oil prices rose sharply amid escalating maritime confrontations and Red Sea gains by Houthi forces, with Brent crude peaking at $109.97 and WTI rising above $103 before a Friday retreat to $107.86 and $102.28 respectively. The market logged weekly gains of 11–13 percent as Iran and U.S. exchanges near the Strait of Hormuz included reported attacks on 10 vessels and U.S. destruction of five Iranian tankers. Houthi control of Mokha and attacks on Bab el-Mandeb approaches heightened supply worries, while an Oman diplomatic meeting between Iran and Gulf ministers drew trader focus as a possible de‑escalation step.
Brent crude rose to nearly $110 per barrel this week.
Context
Tensions at sea have increased after attacks near the Strait of Hormuz and U.S. retaliations. Houthi forces also seized the Red Sea port of Mokha, affecting Bab el-Mandeb transit. A planned Oman meeting could either ease navigation rules…
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