The oil barrel surged and reached over US$ 108 this Friday, the highest value since May of this year. The increase was driven by the advance of Houthi rebels in Yemen and by the prolongation of the war between the United States and Iran.
The Yemeni group, allied with Tehran, took the port city of Mocha, on the Red Sea, an area used as an alternative route for Saudi Arabia's oil transport. This exerts pressure on the Bab el-Mandeb Strait, one of the world's most important maritime routes, which is used as an alternative to the Strait of Hormuz.
The Houthis have also intensified attacks against Saudi Arabia's energy infrastructure, further increasing tension in the region and risks to oil supply.
The price has been rising rapidly since early July, when Brent was trading below US$ 72.
