For the first time this year, the price of Brent crude reached $80 per barrel as the rebels supported by Iran threatened to avenge military action taken by Western nations.
Despite an increase, the price is still lower than it was during Russia’s invasion of Ukraine.
However, the UK government has created scenarios that indicate the economy might see further disruption.
According to the news, the Treasury has projected consequences such as a rise in crude oil prices of more than $10 per barrel and a 25% increase in natural gas costs.
US West Texas crude rose by 2.79% to $74.03 on Friday, while Brent Crude, the global benchmark for oil prices for most of the globe, reaching $80.71 per barrel before softening.
The government of the United Kingdom is worried about the continuous attacks on the Red Sea.
