Oil continues to rise as tensions escalate in the Gulf

Follow-ups – Al-Khabar Al-Yemeni:

The price of Brent crude oil jumped to $97.29 per barrel today, Thursday, reaching its highest level in six weeks, as the Gulf region turns into an open confrontation arena between Washington and Tehran, and fears escalate over the disruption of global oil supplies due to the closure of the Strait of Hormuz, through which about 20% of global production passes.

This sharp rise, added to the wave of increases that markets have witnessed in recent days, comes after a series of field developments that confirm the failure of the American policy to break the Iranian blockade on the strait.

The Iranian Revolutionary Guard announced the targeting of multiple American bases in Kuwait, Jordan, Bahrain, and the UAE, in response to the American aggression that targeted Iranian civilians.

Navigation traffic in the Strait of Hormuz, following the recent American escalation, has witnessed a historic collapse, as daily transit operations don’t exceed a few ships, confirming that Iran continues to hold on to its control over the vital waterway, and that any American attempt to break this blockade will be met with violent field reactions.