The Brent crude barrel reached 100 dollars this Thursday due to the extension of the conflict in the Middle East to the Red Sea, following the claim of attacks against Saudi oil tankers by Yemen’s Houthi rebels. Around 13:05 GMT, the price of Brent for September delivery rose 6.05%, to 99.76 dollars, after having briefly surpassed the 100-dollar barrier.
Crude oil prices hit a nearly two-month high, marking their fifth consecutive day of gains. The rise occurred after the Houthis announced attacks on two Saudi oil tankers, exacerbating disruptions to oil shipping through the Red Sea and the Strait of Hormuz.
At 13:10 GMT, Brent crude futures were up $5.83, or 6.2%, to $99.9 per barrel, while the West Texas Intermediate (WTI) in the United States recorded an increase of $4.41 (5.08%), reaching $91.24, surpassing $90 for the first time since June 11.
Yemen’s Houthis announced attacks on two Saudi oil tankers and exacerbated disruptions in oil shipping.
The Houthis of Yemen, funded by the Iranian regime, have opened a new front by attacking vessels transporting Saudi oil in the Bab el-Mandeb strait, after announcing they would impose a naval blockade on Saudi Arabia‘s shipments. According to the group, the militia attacked two Saudi oil tankers in a military operation, and a Saudi news agency confirmed that one of the ships caught fire following the assault in the Red Sea.
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The Islamic Revolutionary Guard Corps of Iran declared that the Strait of Hormuz is under its control and is “completely closed” as long as U.S. actions in the region continue. The entity warned that no oil tanker will be allowed to enter or exit without coordination with Tehran.
International perspectives and warnings
“The immediate outlook for oil remains favorable, as markets price in a worrying probability of supply disruptions at a second choke point,” said Ahmad Assiri, research strategist at Pepperstone.
Saudi Arabia confirmed that one of the ships attacked in the Red Sea caught fire following the assault attributed to the Houthis.
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Goldman Sachs indicated that, if the disruption of passage through the Strait of Hormuz continues until 2027, Brent could exceed $120 per barrel in the fourth quarter and average $100 next year, with greater upside potential if the Bab el-Mandeb and the Suez Canal suffer prolonged disruptions.
US President Donald Trump warned on Thursday that the United States will hold Iran accountable, considering the Houthis as Tehran’s “proxies,” and threatened “major military punishment” if the rebels carry out new attacks. Trump stated on his Truth Social network that any new aggression would be considered grounds for inflicting retaliation on both Iran and the Houthis.
The price of Brent crude oil exceeded 100 dollars following attacks by Yemen’s Houthis on Saudi oil tankers in the Red Sea, raising tension on key routes for global supply and prompting warnings of military retaliation and potential blockades at strategic transport chokepoints.
