Crude oil prices hit new highs as Houthi attacks on Saudi tankers in the Red Sea and Bab el-Mandeb Strait spark fears of global supply disruptions.Brent crude approached $100 per barrel, up 4.21% to $98.03, while WTI rose 3.16% to $89.57, marking a 20% rally since US-Iran tensions escalated.The attacks on tankers transporting Saudi crude to India and China highlight growing risks to key maritime corridors.

Analysts warn that sustained disruptions could threaten Gulf producers' ability to bypass the Strait of Hormuz, with the Bab el-Mandeb Strait becoming a critical alternative route.The conflict now spans both major oil export routes, raising geopolitical risks and concerns over global energy security.

Market reactions show heightened anxiety as commercial ships avoid the area, underscoring the strategic importance of these routes in maintaining stable oil supplies amid ongoing regional tensions.