Oil Gains as Iran War Escalates With Houthi Attacks on Israel [Yahoo! Finance]
MACQUARIE GROUP LTD S/ADR (MQBKY)
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Source: Yahoo! Finance
Brent — on track for a record monthly gain — surged more than 3% at the open to $116.43 a barrel after the Houthis fired missiles at Israel over the weekend, and said they would continue operations until attacks on Iran and its proxy militant groups cease. West Texas Intermediate jumped above $100. While the militant group didn't say they would target vessels transiting through the southern Red Sea and the Bab El-Mandeb Strait, they have the capability to do so. The Saudi Arabian port of Yanbu, which the kingdom is using for some of its oil exports after the crucial Strait of Hormuz was effectively closed by the war, is also well within the range of Houthi missiles. Threats from the Houthis to “Saudi oil infrastructure and exports through the Red sea outlet is like denying bypass surgery that worked well to arrest the full heart attack” of the Strait of Hormuz closure, said Mukesh Sahdev, chief executive officer of XAnalysts Pty. Brent has surged more than 50% in March as the w
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