Oil rises on intensifying US-Iran hostilities, threat of Red Sea closure

Oil prices experienced a slight uptick due to escalating tensions between the US and Iran, which have disrupted oil flows through the Strait of Hormuz and threaten to close the Red Sea export route. This comes as Iran has urged the Houthis to prepare for potential actions that could further impede global oil supply. With benchmark crude prices already up nearly 12% this week, these developments underscore the vulnerability of global oil markets to geopolitical strife, particularly in strategic chokepoints like the Strait of Hormuz and the Red Sea.