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Energy — Trade

Why Did Oil Prices Rise After The Red Sea Tanker Attack

Brent crude rose more than 1.2% to $80.32 a barrel, while U.S. West Texas Intermediate futures gained 0.67% to $76.28

,   and  TIPP Staff
2 min read
Photo by Jens Rademacher / Unsplash

Oil prices climbed on Wednesday after Yemen's Iran-backed Houthi militants claimed responsibility for a missile strike on a Saudi oil tanker in the Red Sea, raising fresh concerns about regional security and energy supplies.

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Brent crude rose more than 1.2% to $80.32 a barrel, while U.S. West Texas Intermediate futures gained 0.67% to $76.28. According to the Houthis, the tanker was targeted near Yanbu, a key Saudi export port on the Red Sea.

The report said the incident dampened optimism over a possible Middle East ceasefire and renewed concerns about disruptions to oil shipments.

Earlier, U.S. Central Command said the southern route through the Strait of Hormuz, via Omani waters, remained open for commercial shipping. Treasury Secretary Scott Bessent also told CNBC that an agreement to fully reopen the strategic waterway could be reached this week.

Oil prices had fallen about 6% on Tuesday after President Donald Trump paused planned military action against Iran in favor of renewed diplomatic talks.

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