Daily Market Updates: Brent gains as Bab al-Mandab threat revives oil supply fears

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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.

Reported · Written up by our desk · Energy

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 $79.49 ▲0.2%

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Sources

FXStreetBrent: Oil risks rise on Bab al-Mandab threat – Commerzbank

Commodities

Brent gains as Bab al-Mandab threat revives oil supply fears

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