Brent Crude Tops $100 Amid Houthi Attack, Trump Threatens Iran
Brent crude futures reached their highest level in over a month on Thursday, crossing the triple-digit mark for the first time since May 26, 2026. The surge was fueled by ongoing tensions in the Middle East after Yemen-based Houthi militants struck two Saudi oil tankers in the Red Sea.
According to Bloomberg, the Houthis used missiles and drones to target the ships, prompting US President Donald Trump to threaten Iran with 'major military punishment' if they carry out similar attacks again. Trump stated that the Houthis are a proxy for Iran, and major military consequences would be inflicted upon both countries.
The attack has heightened concerns about disruptions to global energy supplies, particularly in the strategically important Strait of Hormuz. Brent futures for September 2026 deliveries surged over 6% to $100.46 per barrel, while West Texas Intermediate contracts expiring in September traded 5.4% higher at $91.48 a barrel.
Oil majors Chevron (CVX) and Exxon Mobil (XOM) climbed over 2%, with Battalion Oil (BATL) surging nearly 9%. Major energy exchange-traded funds also trended 'bullish' on the news, reflecting investors' growing concern about supply disruptions.