Brent tops $100 after Houthi strike hits 2 Saudi oil tankers
Why it matters: Disruption at Hormuz and Bab el-Mandeb now threatens roughly a quarter of global oil supply.
Brent crude settled above $100 a barrel on Thursday for the first time since May after Yemen’s Houthis attacked two Saudi oil tankers in the Red Sea, deepening supply fears already driven by a near-halt in traffic through the Strait of Hormuz. Brent rose $6.62, or 7%, to $100.69, while US West Texas Intermediate gained $5.36 to $92.19. Saudi state news agency SPA reported that one of the two tankers caught fire after the assault. Analysts estimate the Strait of Hormuz and Bab el-Mandeb together handle about a quarter of the world’s oil supply. Goldman Sachs said Brent could climb above $120 in the fourth quarter if disruptions to the strait persist through 2027.