The Houthis’ opening of a new front in the Middle East war has pushed oil prices higher, according to a report from MarketWatch. The development has increased concerns about potential disruptions to supplies from the region, which remains a critical source of global oil production.

Brent crude, the global oil benchmark, recorded a significant increase as markets responded to the unfolding geopolitical developments. The move also underscored heightened volatility in oil markets, where concerns about the security of supply routes can affect pricing.

Geopolitical risks in the Middle East have historically had a substantial impact on oil prices. The current reaction is consistent with previous episodes in which conflict or rising tensions in the region contributed to higher crude prices.

Market pricing indicates a 25% increase in the likelihood that crude oil will reach a new all-time high by September 30, as concerns over possible supply disruptions intensify. Brent crude prices have remained volatile, reflecting the effect of heightened geopolitical tensions on market dynamics.

Further developments in the Middle East conflict will remain a focus, particularly any escalation that could pose additional risks to oil supplies. Market participants will also monitor OPEC’s response and any production adjustments that could help stabilize prices.

OPEC Secretary General Mohammad Sanusi Barkindo and Saudi Energy Minister Abdulaziz bin Salman Al Saud are identified as key figures whose policy decisions could influence market expectations. Peace efforts or broader geopolitical stabilization could also ease some of the concerns currently affecting oil markets.