Summary
Crude oil prices have surged by 13% this week, nearing $100 a barrel and set to close above that mark for the first time in four months, driven by escalating Middle East tensions and threats to shipping routes. The seizure of a Yemeni port by Iran-aligned Houthis has raised concerns about Red Sea traffic and the Strait of Hormuz, with analysts warning of potential spikes to $120 a barrel if threats intensify.
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