Brent Crude Surpasses $100 as Houthi Attacks Rattle Global Oil Markets
Brent crude oil prices briefly surpassed $100 per barrel on Thursday after reports emerged of attacks on two Saudi oil tankers in the Red Sea.
The Houthis, a Yemeni movement, claimed responsibility for targeting the vessels, identified as the Incilia and the Layla, which allegedly violated a blockade announced by the group earlier this week.
Market analysts point to concerns over the security of the Bab al-Mandab Strait as a contributing factor to the rise in oil prices. The Red Sea route has become increasingly important for Saudi oil exports due to disruptions affecting traffic through the Strait of Hormuz, with exports through the western port of Yanbu now accounting for around 75% of Saudi Arabia's total exports.
The attacks have added upward pressure on oil prices, which were already rising due to concerns over global energy supplies. West Texas Intermediate (WTI), the US benchmark, rose 4.68% to $90.89 per barrel, while Brent crude reached a high of approximately $99.56 per barrel before returning to its current price.
In response to the situation, US President Donald Trump warned the Houthis and Iran of 'major military punishment', although it remains unclear whether this threat will be carried out.