Oil Rises on Escalating Supply-Disruption Concerns

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https://www.wsj.com/finance/commodities-futures/oil-rises-on-escalating-supply-disruption-concerns-998e07a1

0020 GMT — Oil rises in early trade on escalating concerns over supply disruptions in the Middle East. ANZ Research analysts say that reports of Iran-backed Houthi militants seizing the port city of Mokha on Yemen’s west coast could give the militants a foothold and enable them to control the Bab al-Mandeb Strait. The strait is a chokepoint for energy exports through the Red Sea. These attacks are weighing on Saudi Arabian oil exports, the analysts say in a report. Front-month WTI crude oil futures are up 0.5% at $103.01 a barrel; front-month Brent crude oil futures are 0.4% higher at $108.10 a barrel. (ronnie.harui@wsj.com)