Oil Markets Face Prolonged Iran War Threat

Crude oil has risen back above $100 a barrel as the Iran war evolves from a short-term supply shock into a prolonged threat. Disruptions have spread to Yemen and Saudi Arabia, with Houthi forces tightening control over the Bab el-Mandeb Strait and drone attacks temporarily shutting Saudi Arabia's critical East-West pipeline. Saudi output fell to 6 million bpd in August, its lowest in over three decades.