Oil nears $100 as Red Sea attacks target tankers; Houthis claim strikes on two Saudi tankers

Heightened tensions in the Middle East have led to Red Sea attacks targeting oil tankers, significantly impacting global energy markets. Houthi militants, allied with Iran, have claimed responsibility for striking Saudi vessels, including the Encelia and Layla, in the Red Sea as part of a declared naval blockade against Saudi Arabia. These attacks have pushed Brent crude oil prices above $98 per barrel, marking a six-week high and nearing the critical $100 threshold, with some analysts suggesting prices could exceed $100 if disruptions persist in multiple key waterways.

The Red Sea incidents exacerbate existing pressures on global oil routes, particularly as the Strait of Hormuz has experienced a near-halt in shipping due to escalating conflict between the United States and Iran. This disruption in two vital maritime chokepoints is forcing oil tankers to reroute, leading to extended transit times and increased costs.

Amidst these developments, the United States has continued its military actions against Iran, with reports indicating a twelfth consecutive night of strikes following the collapse of a previous ceasefire agreement. US officials, including Secretary of State Marco Rubio, have accused Iran of influencing the Houthi militants to join the conflict, further complicating efforts to stabilize Middle East oil supplies.