Brent crude oil surpasses $85 as concerns over Middle East oil supply intensify
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On July 16, due to concerns about oil supply in the Middle East and U.S. strikes on Iran, Brent crude oil prices rose above $85 per barrel. Iran informed Yemen’s Houthi forces that if Iran’s power infrastructure is attacked, the Red Sea shipping lane must be blocked. The Red Sea route is a critical lifeline for Saudi Arabia’s oil exports, and war involving Iran has disrupted oil transportation through the Strait of Hormuz.
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