International oil prices edged higher on Friday as the risk of wider disruptions to global energy supplies intensified, with Iran reportedly preparing its Houthi allies to target the Bab el-Mandeb Strait.
As per the details, Brent Crude futures rose 7 cents, or 0.08 per cent, to $84.30 a barrel, while US West Texas Intermediate (WTI) gained 16 cents, or 0.2 per cent, to $79.11 a barrel.
Both benchmark contracts have climbed nearly 12 per cent this week as investors factored in growing geopolitical risks across the Middle East, adding to concerns over oil exports already affected by tensions around the Strait of Hormuz.
The latest concern follows reports that Tehran has instructed the Houthis to be prepared to close the Bab el-Mandeb Strait if the United States (US) strikes Iran’s power infrastructure.
The strategic waterway links the Red Sea with the Gulf of Aden and serves as one of the world’s busiest maritime routes for oil, liquefied natural gas (LNG) and commercial shipping.
The reported threat comes as oil flows through the Strait of Hormuz remain under pressure following the collapse of a month-long truce between Washington and Tehran.
Together, the Strait of Hormuz and the Bab el-Mandeb Strait handle a significant share of global seaborne oil trade, raising fears that any simultaneous disruption could tighten global supplies and push energy prices higher.
It merits a mention that the US has carried out multiple rounds of air strikes against targets in Iran this week, saying the operations are aimed at degrading Tehran’s military capabilities.
Iran has responded with missile and drone attacks targeting US military installations in the region.
On Friday, Qatar said its air defences intercepted an Iranian missile attack, while local authorities reported that a child was injured by shrapnel from interception operations.
