theguardian_business

How the Bab al-Mandab blockade threat helped push oil back above $100

📰 source: theguardian_business · 💼 business

brent crude jumped more than 13% to breach $100 a barrel after yemen's houthi militias threatened saudi oil exports via the bab al-mandab strait. the waterway has become a vital alternative route after the hormuz blockade, with saudi arabia rerouting about 75% of its exports through the red sea. houthi warnings caused at least five saudi-linked oil tankers to turn back, and two were reportedly hit. rerouting around africa adds $2m-$2.5m per transit, pushing some owners to still risk the strait. the price surge also hit road fuels: diesel rose 5% and petrol 3% on uk forecourts. the iea warned that refinery production cuts to avoid high crude costs have tightened fuel supplies, while goldman sachs flagged diesel stress from middle east and russian outages. gas supplies face winter pressure as europe struggles to refill storage.

why it matters: houthi blockade of bab al-mandab threatens critical oil route, risking sustained price spikes and global energy supply disruption.

source: theguardian_business
sentiment: -0.60 · impact: 0.90

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Surprise fall in US jobs last month as slow summer continues

Homes are selling below asking in 38 of the 50 biggest U.S. cities—if you can afford one

China is gaining ground in AI. But the U.S. still has a major advantage

US strikes $1.2bn deal to pay German firm to halt offshore wind projects