Brent crude futures climbed above $90 a barrel on Monday, driven by intensifying geopolitical risks in the Middle East.
The price surge followed reports of continued US military strikes on Iranian targets and a significant escalation in hostilities around the Strait of Hormuz, a critical chokepoint for global energy supplies.
The market reaction was amplified by a direct threat from Yemen’s Houthi rebels, who announced a naval blockade against Saudi Arabia.
This move marks a sharp deterioration in regional stability, raising immediate concerns about the safety of oil exports from the Kingdom, which remains a cornerstone of global supply.
The blockade declaration, made by the group’s military spokesperson, signals a shift from sporadic attacks to a more organized disruption of maritime trade routes.
Tensions in the Gulf have reached their highest level since the 2022 truce, with both sides exchanging statements that suggest a prolonged period of instability.