Brent Crude Nears $100 After Houthi Strikes on Saudi Tankers
Brent crude climbed above $98 a barrel Thursday after Yemen's Houthis claimed missile and drone strikes on two Saudi oil tankers in the Red Sea, MarketWatch reported.
Developing story — this page will be updated as information becomes available.
Brent crude climbed above $98 a barrel Thursday, approaching the $100 threshold for the first time in the current US–Iran war, after Yemen’s Houthis claimed missile and drone strikes on two Saudi-flagged oil tankers in the Red Sea, MarketWatch reported. The move follows a twelfth consecutive night of US strikes on Iran.
What we know
MarketWatch reported Brent crude rose to over $98 a barrel following news that the Iran-backed rebel group attacked the two vessels in the Red Sea. The Houthis said the strikes were enforcement of a maritime embargo the group declared on Saudi shipping earlier this week, Middle East Eye reported.
The oil move came the same night US Central Command carried out its twelfth consecutive night of strikes on Iran, including a B-1 bomber sortie flown from a base in the United Kingdom, the Jerusalem Post reported citing Axios. A US strike on Iran’s Shalamcheh border crossing with Iraq killed at least two people and wounded eleven others, Middle East Eye reported citing Iranian state media.
The Times of Israel reported that Iran said it targeted US military assets in Kuwait and Jordan in response to the overnight American strikes.
What we don’t know
Neither Saudi Aramco, the Saudi government, nor the vessels’ operators had publicly confirmed damage or casualties from the claimed Houthi tanker strikes as of publication. It is not yet clear whether the vessels were hit, near-missed, or intercepted. The scale of any Saudi crude-flow disruption from the Red Sea corridor, and whether shipping insurers will price a war-risk premium onto Bab el-Mandeb transits, are still developing. This is a fast-moving story.
Context
A Brent price above $98 marks a sharp escalation of the war-risk premium already built into crude since the US–Iran exchange began. Analysts have warned oil markets remain vulnerable to further escalation, particularly around the Strait of Hormuz, where President Trump this week threatened Iranian infrastructure if Tehran attempted to close the strait.
A sustained Houthi campaign against Saudi crude carriers would open a second maritime chokepoint alongside Hormuz, doubling the transit-risk exposure for global oil supply. Saudi Arabia moves a portion of its crude via Red Sea terminals feeding Bab el-Mandeb; disruption there compounds the Hormuz premium and pressures Asian buyers reliant on Gulf barrels.
What to watch
- Whether Brent settles above the $100 psychological threshold at the London close and how West Texas Intermediate tracks the move.
- Any Saudi Aramco, Kingdom Ministry of Defense, or vessel-operator statement confirming damage or casualties from the claimed Houthi strikes.
- War-risk insurance premiums on Red Sea and Bab el-Mandeb transits at Lloyd’s of London and Singapore.
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