Middle East clashes push oil to highest levels in weeks
Oil prices just hit their highest levels in weeks, thanks to new conflicts in the Middle East disrupting major shipping routes.
Brent crude is now at $96 a barrel (up 2%), and US oil climbed to $88.27 a barrel.
The jump follows US strikes on Iran and Houthi attacks on tankers moving through key spots like the Strait of Hormuz.
Houthi forces threaten Saudi oil shipments
Houthi forces are now threatening to block Saudi oil shipments at the Bab el-Mandeb Strait, which could make energy supplies even tighter worldwide.
Goldman Sachs says that if these routes stay risky, and if disruptions to traffic through the Strait of Hormuz are sustained, oil could shoot up to $120 a barrel, but if things calm down, it might drop back to $80 later this year.
Analysts also point out that fewer tankers and tense diplomacy are making markets extra jumpy right now.