Houthi Strikes Send Brent Crude Past $100 and Bitcoin Holds Steady

Houthi rebels have struck two Saudi oil tankers in the Red Sea, causing Brent crude to surge past $100 per barrel. The attacks on July 22 marked the first direct hits on Saudi oil infrastructure since a dramatic drone assault in 2019 that temporarily cut the kingdom's production in half.

The targeted vessels were transiting the Bab el-Mandeb Strait when they were hit, with Houthi military spokesperson Yahya Saree stating that the tankers violated a naval embargo. The strikes come after a breakdown of a four-year truce between the Houthis and Saudi Arabia, with Houthi leader Abdul Malik al-Houthi publicly threatening Saudi oil facilities just a week prior.

Roughly 4.5 million barrels of oil pass through the Bab el-Mandeb Strait daily, making it a pressure point that can send shockwaves through global energy markets. Goldman Sachs has predicted prices could exceed $120 per barrel if supply disruptions continue.