Crude Prices Plummet to $96 as Houthi Strikes Spark Market Volatility
Global crude oil prices plummeted to $96 per barrel on Friday, reversing a five-day rally that saw prices briefly reach $100. The Brent crude benchmark declined by 3% and the West Texas Intermediate (WTI) fell 2.58% to $89.81 per barrel.
The sudden drop was attributed to Houthi militant strikes against Saudi-linked oil tankers in the Red Sea, which had triggered a price surge earlier in the week. The Organization of the Petroleum Exporting Countries (OPEC) and its allies have pledged to increase crude oil supply by 188,000 barrels per day (bpd) starting September 2026.
The Houthi movement claimed responsibility for the attacks on two Saudi Arabian oil tankers, citing a naval blockade. Analysts had warned that Brent could reach $120 per barrel if maritime disruptions persisted in the region.