The benchmark oil price has steadily risen in recent weeks since the US-Iran ceasefire deal broke down. The Houthis had said they planned a naval blockade on Saudi Arabia around the Bab al-Mandeb are in the Red Sea, a key point for oil exports. As a result, the oil price continued to lift higher amid concerns that an intensifying conflict between US-Israeli and Iranian forces would disrupt oil supplies further. Economists at Oxford Economics said they think shipping disruption is now "increasingly likely" to continue, forecasts that oil prices will be above 85 dollars per barrel through the rest of the year. However, shares in oil majors Shell and BP both made gains, of around 1.4% and 2.6% respectively, due to the upward pressure on energy prices.