Oil price rises above $95 mark as Middle East conflict escalates
Global supply disrupted by US-Iran aggression in strait of Hormuz and Houthi threats in Bab el-Mandeb
The price of oil has breached the $95 a barrel mark for the first time in six weeks as the escalating Middle East conflict threatens further disruption to global supplies.
The benchmark oil price rose sharply on Wednesday as renewed US-Iran aggression over the strait of Hormuz was compounded by Houthi threats to target vessels carrying Saudi oil through the Bab el-Mandeb strait.
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