The price of crude oil in the world market has risen rapidly with the attack by Houthi rebels on two Saudi Arabian oil tankers that were sailing in the Red Sea.
According to foreign media reports, the price of a barrel of crude oil in the world market has now reached close to US$100 with this sudden attack.
Accordingly, Brent crude oil has increased by 5% to $98.55 per barrel by yesterday afternoon.
Similarly, Texas (WTI) crude oil has increased by 5% to $90.37 per barrel.
After the blockade of the Strait of Hormuz by Iranian security forces, Saudi Arabia used the ‘Bab al-Mandeb’ strait in the Red Sea as an alternative shipping route. However, the pro-Iranian Houthi rebels have also blocked that route and are reportedly attacking Saudi ships.