Kathmandu. Iran-backed Houthi rebels have opened a new front in the Middle East. They are targeting Saudi ships in the Red Sea. This has affected transportation to and from Hormuz.
The price of crude oil has increased by 10 percent in the last one week. It crossed $100 a barrel for the first time since May. However, the price fell 4% on Friday, the last trading day of the week.
Brent crude, the global oil benchmark, fell $3.88, or $3.91, to close at $96.78 a barrel on the last trading day of the week. At the same time, US WTI crude fell 3.12 percent or $ 2.88 to $ 89.31 a barrel.
According to experts, if the situation in the Middle East does not improve, the price of crude oil could reach $ 120 per barrel.
