By ******* hree Mukherjee
July 16 (Reuters) - Oil prices rose over 1% on Thursday as concerns over Middle East energy supplies increased after Iran asked Yemen's Houthis to stand ready to close the Red Sea oil route.
Brent crude futures were up 88 cents, or 1.04%, to $85.83 a barrel at 1237 GMT, while U.S. West Texas Intermediate futures were up 94 cents, or 1.18%, to $80.54 a barrel.
"Simultaneous disruptions affecting Hormuz and Bab el-Mandeb would significantly amplify supply chain stress, increase tanker availability constraints, and raise insurance premiums," said Wael Makarem, financial markets strategist lead at Exness.
Iran has asked Yemen's Houthi movement to stand ready to close the Red Sea oil route if the United States strikes Iranian power infrastructure, three sources told Reuters on Thursday, posing a potent new threat to global energy supplies.
July 16 (Reuters) - Oil prices rose over 1% on Thursday as concerns over Middle East energy supplies increased after Iran asked Yemen's Houthis to stand ready to close the Red Sea oil route.
Brent crude futures were up 88 cents, or 1.04%, to $85.83 a barrel at 1237 GMT, while U.S. West Texas Intermediate futures were up 94 cents, or 1.18%, to $80.54 a barrel.
"Simultaneous disruptions affecting Hormuz and Bab el-Mandeb would significantly amplify supply chain stress, increase tanker availability constraints, and raise insurance premiums," said Wael Makarem, financial markets strategist lead at Exness.
Iran has asked Yemen's Houthi movement to stand ready to close the Red Sea oil route if the United States strikes Iranian power infrastructure, three sources told Reuters on Thursday, posing a potent new threat to global energy supplies.
13 days ago
