Oil Prices Could Top $120 as Middle East Conflict Escalates

Crude oil prices could top $120 per barrel of Brent crude by the end of the year if fighting in the Middle East continues, RBC Capital Markets’ Helima Croft has warned, as quoted by Reuters. “Maritime traffic through the Bab el-Mandeb is gravely imperiled by the Houthi advances,” the analyst said.

The comments follow news reports of the Yemeni Houthis taking control of the Red Sea port of Mokha, which will make it possible to launch more direct attacks on Saudi energy infrastructure and tankers in the Red Sea.