The price of Brent crude surged past 115 US dollars a barrel today after Yemeni Houthis launched their first attacks on Israel over the weekend, widening the US-Israel war with Iran in the Middle East. Brent rose 2.7 per cent to 115.66 US dollars.
The Middle East war, which began on February 28 with US and Israeli strikes on Iran, has disrupted key shipping lanes, including the Strait of Hormuz and the Red Sea, raising concerns over global oil flows. Brent has climbed 59 per cent this month, marking its steepest monthly gain since the 1990 Gulf War.
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