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Brent gains as Bab al-Mandab threat revives oil supply fears
Commerzbank said a blockade of Bab al-Mandab would likely lift oil prices further, after Brent had risen nearly 12% since last Friday.
Commerzbank’s commodity team flagged renewed geopolitical risk for oil after Iran threatened to block the Strait of Bab al-Mandab, a key route for Saudi exports that were rerouted from the Strait of Hormuz.
The bank warned that if a blockade were to occur, oil prices could rise further, with Brent already up nearly 12% since last Friday.
FXStreet’s market wrap also noted that oil prices have been climbing while the US dollar has posted losses amid ongoing Middle East tensions.
Latest closeBrent $100.98 ▼2.0%
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