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Financial Times
Oil jumps to $98 after Houthis attack two Saudi Arabian tankers
Following Houthi attacks on two Saudi Arabian tankers in the Red Sea, oil prices have risen above $98 per barrel, marking a significant increase. The Houthis claimed responsibility for the missile and drone strikes, citing violations of their embargo. This incident risks dismantling a four-year ceasefire with Saudi Arabia and threatens vital maritime routes, raising concerns about future oil flow stability and geopolitical tensions in the region. With a backdrop of the ongoing US-Iran conflict, further escalations could have serious implications for global energy markets.
MonitorConfidence: HighImmediate horizonGeopolitical risk: High
Published 23 Jul 2026, 10:40 UTC3 min read
Visit original article ↗Lead image — Financial Times
Summary
TL;DR
- Oil prices rose to $98.10 per barrel after Houthi attacks.
- Houthi militants used missiles and drones against Saudi tankers.
- The incident may disrupt shipping through the Bab al-Mandab Strait.
- Conflict flare-up threatens established ceasefires in the region.
- Saudi Arabia has promised to protect its shipping routes.
Interesting facts
- This marks the first time oil prices surpassed $98 since early June.
- The attacks come amid an escalation in US-Iran relations.
- The Bab al-Mandab Strait is crucial for Saudi crude exports.