Brent crude could exceed $120 a barrel by the end of the year if fighting in the Middle East persists, RBC Capital Markets analyst Helima Croft warned in comments quoted by Reuters. She said Houthi advances had severely threatened maritime traffic through the Bab el-Mandeb, following reports that Yemen's Houthis had taken control of the Red Sea port of Mokha. The development could enable more direct attacks on Saudi energy infrastructure and tankers in the Red Sea. The escalation comes alongside tensions around the Strait of Hormuz, helping push Brent crude and WTI above $100 a barrel; Brent had nearly reached $110 earlier in the day. Higher oil and diesel prices have driven bond yields higher as inflation concerns strengthened. A fresh JP Morgan forecast said eight to nine developed economies could raise interest rates by year-end, including the United States, Japan, four European central banks including the European Central Bank, Australia and New Zealand. JP Morgan analysts said the expected tightening remained shallow for now, while resilient growth, persistent core inflation and commodity-price pressures created risks of more action. Bloomberg reported that Asian governments may need to extend financial support to businesses and households as oil and diesel prices rise. President Trump said earlier this week that the war would end after the November elections, but fighting continues and neither side has mentioned peace negotiations, leaving that outlook in doubt.