Oil climbs near $100 amid Houthi attack in Red Sea
Oil prices surged on Thursday, with Brent crude nearing $100 per barrel amid recent tanker attacks near Saudi Arabia and rising US-Iran tensions, which intensified concerns about potential supply disruptions, Qazinform News Agency cites Anadolu.
Brent crude oil, on the international benchmark, surged over 4.9% to approximately $98.7 per barrel as of 0925GMT, reaching its highest point since late May.
The US benchmark West Texas Intermediate (WTI) also rose to around $90 per barrel.
Prices extended their gains after the UK Maritime Trade Operations agency reported that a tanker caught fire after being struck about 70 nautical miles southwest of the Saudi port of Al Shuqaiq.
Yemen’s Houthi group claimed responsibility for the incident, stating it targeted two Saudi tankers with drones and missiles for violating its declared maritime blockade.
The attacks intensified concerns that disruptions in shipping in the Strait of Hormuz could extend to the Red Sea and the Bab al-Mandab Strait, which are crucial transit routes for global crude oil and fuel transportation.
The incident occurred hours after US President Donald Trump warned that Washington would target an Iranian bridge or power plant each time Tehran attacked a vessel in the Strait of Hormuz.
The warning pointed to further escalation following the collapse of the US-Iran ceasefire.
Iran warned that it would retaliate against US-associated infrastructure and energy assets across the region if Washington proceeded with the threatened strikes.
Earlier, Qazinform News Agency reported that Yemen’s Iran-backed Houthi movement declared an immediate naval blockade against Saudi Arabia, escalating regional tensions and raising concerns over maritime trade and energy supplies.
