Brent crude oil price rises by $3. Experts expect further price growth

Global crude oil prices rose again on Monday. Brent crude, the benchmark, rose more than 3%, the BBC reports. It is now worth $115 a barrel.

The price fluctuations began after Iran-backed Houthi rebels in Yemen joined the conflict and fired rockets into Israel this weekend, and Iran announced an expansion of strikes on universities and the homes of Israeli and American officials. Energy market expert Sean Foley of Macquarie University said he expected crude oil prices to rise further if the conflict did not subside.

The Houthi attacks have raised concerns that the armed group could block energy supplies through the Bab el-Mandeb Strait near Yemen, Foley said.

Blocking the waterway could hit another 10% of global crude oil supplies, “creating a significant strain on global supply chains,” he said.

Andrew Lipow of Lipow Oil Associates, a consulting firm, said he expected Brent crude to rise to $130 a barrel in the coming weeks amid threats to global energy supplies.

US President Donald Trump, meanwhile, said the US could “very easily” take control of Iran’s Kharg Island, its main crude oil hub.

The day before the US-Israeli operation against Iran began, Brent was trading at $72 a barrel. On March 19, the price hit $119, its highest since June 2022.

Prices were affected by Iran’s blockade of the vital crude oil transportation route, the Strait of Hormuz, as well as Iranian attacks on the crude oil industry in the Gulf. In addition to Iran, Israel and the US, Lebanon is also carrying out strikes on Israeli targets. Yemen also joined the conflict over the weekend.

The war has been going on since February 28, and there are still no signs of a peace agreement. Although Trump assures that the negotiation process with the Iranians is underway, Tehran denies any contacts.

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