Oil Jumps Nearly 4% as Houthis Threaten Red Sea Blockade

Oil prices jumped by nearly 4% early on Wednesday as concerns about crude supply from the Middle East intensify with threats to shipping at both chokepoints in the region, the Strait of Hormuz and the Bab el-Mandeb Strait. Brent Crude prices jumped by 3. 75% to trade at $94.

42, following reports that the Iran-aligned Houthis are ready to attempt the closure of Bab el-Mandeb, which would choke supply from the Saudi port of Yanbu on the Red Sea. The U. S. benchmark, WTI Crude, was rising by 3. 69% to trade at $87. 45 per barrel.