"The Iranians have now realized they have the reins. Gasoline prices are up more than $1 a gallon. They have realized, 'Holy smokes, we've got a lot of leverage here.'"
"If the Houthis step up their attacks, if they join their allies in really attacking shipping or scaring people away from the Red Sea, that will aggravate what is already the most severe oil disruption that we have seen in history."
Brent crude oil prices increased by 3.3% to $116.25 per barrel, while WTI rose nearly 3% to about $103 per barrel. Over 3,500 U.S. troops were deployed to the Middle East. Iranian officials threatened U.S. troops and escalated attacks on American allies. The Houthis claimed responsibility for a missile attack on Israel, marking a new phase in the conflict. Concerns were raised about potential disruptions to shipping lanes in the Red Sea, which could exacerbate existing oil supply issues.
Read at Axios
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