Brent crude has climbed to about $103 a barrel as Middle East tensions and rising US Treasury yields weigh on financial markets. Houthi forces have tightened their grip on Yemen's Red Sea coastline near a key shipping chokepoint, while stocks have slid on a broader risk-off shift.
Brent crude has surged to about $103 a barrel, as inflation concerns and geopolitical tensions in the Middle East weigh on financial markets.
Houthi forces captured the port city of Mokha on September 10, seizing control from Saudi-backed government troops and tightening their grip on Yemen's Red Sea coastline. The city sits about 75 km from the Bab al-Mandeb Strait, the chokepoint through which some 10% to 12% of global trade passes.
Strikes on targets in southern Saudi Arabia have added upward pressure on crude prices by disrupting oil facilities.
The rally has run alongside a jump in US Treasury yields, which have climbed to their highest level since 2007, with the 10-year note reaching about 5.1%. Stock markets have declined in a broader risk-off shift among investors.
Yemen's informal ceasefire, in place since 2022, has continued to unravel amid the wider hostilities.
Sources: Crypto Briefing, Crypto Briefing
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