Oil rises on intensifying US-Iran hostilities, threat of Red Sea closure

and Iran stepped up ​attacks across the Gulf, with their broken truce limiting oil flows out of the ‌Strait of Hormuz and with Tehran asking the Houthi political and military organisation to stand ready to shut the Red Sea export route."The potential ​threat of the Red Sea becoming another major supply disruption point is further complicating the global oil ​outlook," said Tim Waterer, chief market analyst at KCM Trade.

Adding to oil supply concerns, Iran's leadership has told its Houthi allies to be prepared to close ⁠the Red ​Sea oil route if the U.