Brent $85.88 as Iran urges Houthis prepare Red Sea disruption
Business
Oil prices climbed over 1% on Thursday, with Brent crude hitting $85.88 a barrel and US crude at $80.49.
The spike comes after Iran urged Yemen's Houthis to get ready for possible disruption of the Red Sea oil route, adding more uncertainty to an already tense region.
Goldman Sachs warns $110 oil risk
Goldman Sachs says if tanker attacks continue, oil could shoot past $110 a barrel, though its main forecast for late 2026 is still $80.
With Gulf exports now less than one-half of what they were before the conflict, supplies are tight and inventories are low.
The International Energy Agency warns that if the Strait of Hormuz stays blocked, energy-dependent countries like India, Pakistan, and Bangladesh could be hit hard.