Oil prices jumped as the Middle East conflict escalated, with Iran-backed Houthi attacks and increased U.S. troop presence raising fears of supply disruption.
Brent crude rose over 3% to about $116, with U.S. oil also gaining; prices are up more than 50% this month amid ongoing tensions involving the U.S., Israel, and Iran.
Risks to key shipping routes are growing. The Houthis have the capability to target Red Sea routes, while Iran has restricted traffic through the Strait of Hormuz, tightening global oil supply.
Rising military activity is unsettling markets, and although a wider war is uncertain, traders remain cautious. Analysts warn prices could climb further if disruptions persist.
Market signals already show supply concerns, with short-term oil contracts priced higher, and impacts spreading to other industries. Overall, the conflict is increasing the risk of continued volatility in energy markets.
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