Iran’s proxies have blocked key energy routes in Yemen and Iraq, escalating tensions in the Middle East and driving up oil prices. Brent crude has recently risen above $104 per barrel, fueling concerns over global energy supply disruptions. This geopolitical escalation particularly threatens the strategic chokepoints of the Strait of Hormuz and Bab el-Mandeb, essential passages for oil transportation. Markets are currently pricing a 15% probability that crude oil will reach a new all-time high by December 31.
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