Oil prices surged Monday as Brent crude headed for a historic monthly gain. Attacks by Yemen’s Houthis on Israel widened the Middle East conflict, threatening global shipping lanes.
Brent futures reached $115.66 per barrel, marking a 59 percent rise this month. The escalation extends beyond the Strait of Hormuz into the Red Sea and Bab el-Mandeb chokepoints.
J.P. Morgan analysts warn disruptions could force Saudi oil toward Egypt’s SUMED pipeline. Meanwhile, Pakistan seeks diplomatic channels to end hostilities following damage to Oman’s Salalah terminal.