Oil Price Hits 5-Week High As Iran Imposes Naval Blockade On Saudi Arabia

Iran-backed Houthis have imposed a naval blockade Saudi Arabia. It has also warned that they will attack ships carrying Saudi crude oil through the Bab el-Mandeb strait. This has further raised fears about oil supplies, which pushed the brent crude oil price above $95 at a five-week high. Ad Ad Saudi Arabia Blockade Spurs Oil