Brent crude oil breaks $85, Middle East oil supply concerns intensify

On July 16th, Brent crude oil prices rose above $85 per barrel due to concerns about oil supply in the Middle East and the impact of the US crackdown on Iran. Iran has informed the Houthi militants in Yemen that if Iran's power infrastructure is attacked, the Red Sea waterway must be blocked. The Red Sea route is an important lifeline for Saudi Arabia's oil exports, and the Iran War has disrupted oil transportation in the Strait of Hormuz.