Crude oil prices climbed on Wednesday after Yemen’s Iran-backed Houthi militants claimed responsibility for an attack on a Saudi Arabian tanker in the Red Sea, raising concerns over potential disruptions to global energy supplies.
Brent crude, the international benchmark, gained 1 per cent to trade at $80.15 per barrel, while U.S. West Texas Intermediate futures for September delivery increased 0.28 per cent to $75.98 per barrel.
The Iran-aligned Houthi militants claimed they struck a Saudi oil tanker with a missile near Yanbu, a key port used for Saudi crude exports.
The reported attack triggered renewed market concerns, pushing oil prices higher and dampening optimism over a possible ceasefire agreement in the Middle East.
Meanwhile, the U.S. Central Command said in a post on X on Tuesday night that the southern route of the Strait of Hormuz, which runs through Omani territorial waters, remained “free and open” to commercial shipping.
Oil prices closed about 6% lower on Tuesday as market sentiment improved on expectations that the Strait of Hormuz could reopen, easing concerns over potential disruptions to global crude supplies.
