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Oil is trading close to $100 a barrel, a threshold at which fuel costs have historically risen fast enough to register in household budgets and complicate central bank decisions, as Houthi militant attacks on Red Sea shipping lanes threaten to further squeeze global crude supplies.
President Trump has said he is weighing a "massive attack" in the Middle East, adding a layer of geopolitical risk to prices already strained by logistics disruption.
Neither development has produced a confirmed supply outage, but traders are pricing in the risk. What the Red Sea attacks are doing to supply The Red Sea connects the Suez Canal to the Indian Ocean.
A large share of global maritime trade, including oil tanker traffic, passes through it.
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