Oil prices rise as Iran war spreads across the wider Middle East
Oil prices have surged due to the expanding US-Israel war with Iran across the Middle East, with Brent crude rising to $115.66 a barrel. The conflict has disrupted oil supply, including the closure of the Strait of Hormuz and threats to the Red Sea and Bab el-Mandeb chokepoints.
The US-Israel war with Iran has expanded across the Middle East, causing oil prices to surge. Brent crude rose to $115.66 a barrel, driven by disruptions to oil supply. The conflict began on February 28 and has since spread, with Yemen's Iran-backed Houthis launching attacks on Israel. The Strait of Hormuz, a key oil route, has been effectively closed. The Red Sea and Bab el-Mandeb chokepoints are also under threat. Saudi crude exports have been rerouted to the Red Sea port of Yanbu. Regional violence has intensified, with Oman's Salalah terminal suffering damage. Iran has said it is ready to respond to any US ground assault.
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