Oil prices hit $105 per barrel as Houthis seize key Red Sea port | The National

Ships wait in the Strait of Hormuz, which has been effectively closed by Iran, sparking oil supply concerns. AFPShow caption: Ships wait in the Strait of Hormuz, which has been effective…Capture of Mokha, overlooking Bab Al Mandeb strait, has rattled oil markets, analysts say

Oil prices surged past $105 per barrel on Thursday, driven by growing supply concerns in the Middle East.

Houthi rebels seized the key port of Mocha near the Bab Al Mandeb strait, tightening their grip on a critical global oil chokepoint.

The strait carries 10 per cent of global oil supplies, with Saudi Arabia heavily reliant on it for exports to Asian markets.

The Strait of Hormuz remains virtually shut amid the US-Iran conflict, compounding global supply fears alongside disruptions at Bab Al Mandeb.