Increased risk of Brent crude oil crossing $85 Middle East oil transport

On 16 July, oil prices resumed to rise as concerns about oil supply in the Middle East increased and the United States continued to hit Iran. The global benchmark of Brent crude oil rose to above $85 per barrel, reversing the earlier slight decline. The previous three trading days had seen a cumulative 12 per cent increase in the price of Brent crude oil. It was reported that Iran had informed Yemeni Al-Houthi that if Iran ' s electricity infrastructure was attacked, the Red Sea channel would be blocked. The Red Sea channel has become an important lifeline for Saudi Arabian oil exports at a time when oil transport in the Strait of Hormuz was disrupted as a result of the Iranian war。