Global crude oil prices surged sharply after two Saudi Arabian oil tankers were reportedly attacked by Houthi rebels while transiting the Red Sea, raising fresh concerns over disruptions to global energy supplies.
According to international media reports, the attack has pushed crude oil prices close to the US$100-per-barrel mark amid fears of further instability in one of the world’s most important maritime trade routes.
Brent crude climbed approximately 5% to US$98.55 per barrel by Thursday afternoon, while West Texas Intermediate (WTI) crude also gained around 5%, reaching US$90.37 per barrel.
The latest escalation follows the closure of the Strait of Hormuz by Iranian security forces, which had prompted Saudi Arabia to reroute a significant portion of its oil shipments through the Bab el-Mandeb Strait in the Red Sea.
However, the alternative route has also come under threat after Iran-backed Houthi rebels allegedly targeted Saudi oil tankers operating in the area, further disrupting regional shipping and energy transportation.
Market analysts warn that any prolonged disruption to Saudi Arabia’s crude oil exports to Asian and European markets could intensify global energy supply concerns and place additional upward pressure on oil prices.
Economists say continued instability in the Middle East’s key maritime corridors could heighten the risk of a broader global energy crisis, with potential consequences for fuel prices, inflation, and economic growth worldwide.
