WTI crude oil prices have jumped significantly due to rising geopolitical tensions in the Middle East. Iran-aligned Houthi rebels have reportedly attacked Saudi oil tankers in the Red Sea, sparking fears of a wider conflict that could disrupt global oil supplies. This new front raises concerns about the security of another critical shipping route, the Bab el-Mandeb Strait, in addition to the already tense situation in the Strait of Hormuz.