Brent Crude Surpasses $85 as Middle East Oil Transport Risks Escalate

Deep News07-16 21:20

Oil prices have resumed their upward trajectory as concerns over Middle Eastern supply intensify and the United States continues its pressure on Iran.

The global benchmark, Brent crude, has climbed above $85 per barrel, reversing earlier minor losses. This follows a cumulative 12% gain over the preceding three trading sessions.

Reports indicate that Iran has instructed Yemen's Houthi forces to block the Red Sea shipping lane if Iran's power infrastructure comes under attack. The Red Sea route has become a critical lifeline for Saudi Arabian oil exports, especially as the conflict involving Iran has disrupted oil shipments through the Strait of Hormuz.

As of 1:53 p.m. London time, Brent crude for September delivery was up 1.0% at $85.81 per barrel.

West Texas Intermediate (WTI) crude for August delivery was priced at $80.43 per barrel.

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