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Oil climbs back above $100 as Houthis target Saudi tankers
Brent crude passed $100 a barrel again after earlier sliding to as low as $71 in early July, amid renewed Middle East hostilities.
Oil prices have climbed back above $100 a barrel as tensions in the Middle East escalated, raising fresh concerns about potential disruptions to global crude supply routes, including the Red Sea and the Gulf.
According to the Guardian Business, benchmark Brent crude rose sharply after reaching $95 a barrel the prior day. The move reflected fears that Yemen’s Houthi militia could restrict Saudi oil exports through the Red Sea while US and Iran tensions intensified around oil flows through the Strait of Hormuz.
The outlet reports that Iranian-aligned Houthis said they attacked two Saudi Arabian oil tankers, the Encelia and Layla, using ballistic and cruise missiles and drones. The group said one of the vessels was left on fire, and it accused the crews of violating a Houthi naval blockade in the Red Sea.
Brent crude had surged above $100 a barrel in March after airstrikes by the US and Israel largely halted exports from the Gulf via Hormuz. The price later peaked at $126 a barrel in April, fell back below $100 in late May, and dropped to as low as $71 at the start of July before the recent rise followed the US-Iran memorandum of understanding collapsing and hostilities restarting in the region.
Latest closeWTI crude $87.52 ▲3.1%|Brent $94.43 ▲3.8%