Brent crude briefly rose above $100 per barrel on Thursday after Yemen’s Houthi movement claimed it had targeted two Saudi oil tankers in the Red Sea, raising concerns over energy supplies and regional shipping routes.
By 13:40 GMT, Brent crude was trading at approximately $99.56 per barrel, up 5.84%, after earlier exceeding the $100 mark for the first time since May.
West Texas Intermediate (WTI), the US benchmark, rose 4.68% to $90.89 per barrel.
The Houthis said they had carried out a military operation targeting two Saudi oil tankers, identified as the Incilia and the Layla, alleging that the vessels had violated a blockade the group announced earlier this week on Saudi ports.
The claims have not been independently verified.
Earlier on Thursday, US President Donald Trump warned the Houthis and Iran of what he described as “major military punishment” in a post on his Truth Social platform.
READ: Houthis say they targeted two Saudi oil tankers in Red Sea
Market analysts said concerns over the security of the Bab al-Mandab Strait have added to upward pressure on oil prices.
The Red Sea route has become increasingly important for Saudi oil exports as the kingdom has expanded shipments through the western port of Yanbu following disruptions affecting traffic through the Strait of Hormuz.
John Evans, an analyst at PVM, said exports through Yanbu now account for about 75% of Saudi Arabia’s total exports under normal conditions.
Evans added that Houthi attacks particularly affect Middle Eastern oil shipments to Asia. According to his analysis, voyages from Yanbu to China normally take just over 20 days via the Red Sea, but rerouting vessels around southern Africa could extend transit times to more than 50 days.
According to maritime intelligence provider Lloyd’s List, shipping traffic through the Strait of Hormuz declined by 57 percent last week compared with the previous week ending 12th July.
READ: Oil hits six-week high as war threatens crude shipping routes
