Oil climbs over 4% to near six-week high as conflict threatens key oil transit routes

Oil prices surged over 4 percent to near six-week highs, with Brent crude surpassing $95 a barrel amid escalating U.S.-Iran conflict and Houthi threats to shipping in the Bab el-Mandeb and Strait of Hormuz. U.S. WTI also climbed about 4.3 percent to roughly $88 a barrel. Three Saudi crude tankers bound for China and India made U-turns in the Red Sea, forcing rerouting through the Suez Canal and around Africa, which is expected to tighten the physical oil market further.