Oil prices climbed above $108 a barrel on Friday as escalating military tensions around Yemen and key Middle Eastern shipping routes intensified concerns over prolonged disruptions to global energy supplies.
Brent crude futures gained 81 cents, or 0.8%, to reach $108.44 a barrel, while U.S. West Texas Intermediate (WTI) rose 69 cents, or 0.7%, to $103.17 a barrel by 0345 GMT. Both benchmarks had jumped more than 6% in the previous session.
The latest gains put both major oil benchmarks on course for their first weekly close above $100 a barrel since mid-May.
Prices were up nearly 13% over the week, marking their strongest weekly advance since the week ending July 17.
Market concerns have intensified following developments around Yemen and the Red Sea. Iran-aligned Houthi forces reportedly took control of the port of Mocha on Thursday, increasing worries over shipping through one of the region’s critical maritime corridors.
Senior Ansar Allah official Mohammed al-Bukhaiti has claimed that the Houthis have established full control over the Bab al-Mandab strait.
Iranian media reports also said Houthi forces had captured strategically important areas in Yemen’s western Taiz province, including the al-Khalid and Jabal al-Nasr military bases, and had reached the entrances of the al-Mokha port area.
The reports further claimed that Houthi forces had taken control of al-Mokha airport, while a large number of those resisting them had surrendered.
Bab al-Mandab is a major international shipping passage used for the movement of oil, gas and food commodities. The strategic importance of al-Mokha also extends to maritime monitoring in the Red Sea and its wider military significance.
The security situation is also being closely watched around the Strait of Hormuz, where tanker attacks have intensified and Gulf shipping activity remains restricted.
Yemen’s Presidential Leadership Council Chairman Rashad al-Alimi warned that changes in the military situation near Bab al-Mandab could have consequences extending as far as the Suez Canal.
Al-Alimi said the developments around Bab al-Mandab could affect international trade and described the protection of Yemen’s coastal areas as a responsibility shared by Yemen, Arab states and the international community.
