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Oil rises for fifth straight day as Red Sea risks intensify

Brent climbed above $98 per barrel, and WTI traded near $90, amid Houthi attacks that threaten Red Sea shipments.

Reported · Written up by our desk · Energy

Oil prices rose for the fifth straight day in early trading on Thursday, extending gains toward the $100 level as risks in the Red Sea increased supply concerns tied to Middle East shipping.

OilPrice reported that Brent Crude passed $98 per barrel, up 4.21% to $98.03 in Europe, while the U.S. benchmark WTI Crude was trading near $90 at $89.57, up 3.16% on the day.

The move reflected heightened worries about attacks by Iran-aligned Houthis on tankers using the Red Sea route. The article cited reports that at least two tankers turned away from the Bab el-Mandeb Strait after the Houthis said they struck two Saudi tankers.

OilPrice also said the Red Sea chokepoint is critical for Saudi crude shipments, noting the kingdom had redirected more than 70% of exports that previously shipped from the Persian Gulf to the Red Sea port of Yanbu, following prior developments.

Latest closeWTI crude $87.52 ▲3.1%|Brent $94.43 ▲3.8%

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