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The Guardian - UK
The Guardian - UK
Business
Jillian Ambrose Energy correspondent

How the Bab al-Mandab blockade threat helped push oil back above $100

Oil United States Fatih Birol Hormuz Gulf Rystad Energy Windward
A snapshot satellite image of the Bab-el-Mandeb strait taken using the Nasa World View satellite
A satellite view of the Bab-al-Mandab strait. Photograph: worldview.earthdata.nasa.gov/Nasa Worldview

A fresh front in the Middle East crisis opened this week, bringing a return of soaring global energy markets and stoking fears that the oil price could surge to $120 (£90) a barrel.

In a matter of days the price of Brent crude has jumped by more than 13%, breaching the $100 a barrel mark on Thursday after Yemen’s Houthi militias took aim at a new target: Saudi oil exports via the Bab al-Mandab strait.

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