Oil prices surged yesterday, with ICE Brent breaking above $100/bbl for the first time since May. Further escalation in the Persian Gulf and fears of a widening conflict are putting a significant amount of oil supply at risk. Houthi attacks on Saudi vessels in the Red Sea have the potential to widen this conflict, leading to further escalation. President Trump said he will hold Iran responsible for attacks on vessels in the Red Sea, while suggesting a ratcheting up of attacks against Iran. Market fears will be centred around the risk of energy infrastructure in the region being targeted once again. With little-to-no ... (full story)