Oil passes $100 a barrel again and shares slide as Middle East conflict escalates

Sharp rise in oil price reflects fears Houthi militias could strangle Saudi exports as US-Iran fighting intensifiesHow the Bab al-Mandab blockade threat pushed oil back above $100The oil price broke above $100 a barrel for the first time in two months as a fresh escalation of the Middle East conflict threatens to compound disruption to global oil supplies.The benchmark oil price rose sharply on Thursday, from $95 the day before, amid fears that Yemen’s Houthi militia could strangle Saudi oil exports through the Red Sea while US-Iran tensions over oil flows through the strait of Hormuz intensify. Continue reading...