Crude oil prices are on track for a weekly rise, driven by intensifying risks to global supply chains.
Houthi attacks on tankers in the Red Sea have reignited fears that the vital shipping corridor could face further disruption, while Kazakhstan has temporarily cut output following a major pipeline incident.
These developments are adding to existing supply concerns stemming from the breakdown in the recent truce between the United States and Iran.
The market is pricing in a heightened risk premium as traders assess the potential for a second major shipping chokepoint to close.
The Red Sea remains a critical artery for global energy flows, and any sustained disruption would force rerouting through longer, more expensive paths, tightening available supply.
Simultaneously, the output cuts in Kazakhstan, a significant non-OPEC producer, remove a potential buffer against other supply shocks.