Key facts
- Houthi attacks on Saudi Arabia's Najran province killed 11 civilians.
- Iran is considering banning hostile vessels from the Strait of Hormuz and imposing passage fees.
- Brent crude rose above $80 per barrel, reaching $83.80.
- WTI crude rebounded to $78.33 per barrel.
- Saudi officials warned of coordinated attacks on energy infrastructure by Houthis and Iran-affiliated groups.
- Two Saudi tankers have been struck in the Red Sea recently.
Oil prices surged as escalating hostilities in the Middle East, including Houthi attacks on Saudi Arabia and potential Iranian actions in the Strait of Hormuz, renewed supply concerns. The Houthis struck Saudi Arabia’s southern province of Najran, killing 11 civilians, according to a spokesman for the Saudi-led coalition. This follows reports that Iran is considering banning U.S., Israeli, and other “hostile” vessels from the Strait of Hormuz, with potential fines for violations and passage fees for other ships. These developments pushed Brent crude above $80 per barrel, trading at $83.80, while West Texas Intermediate rebounded to $78.33. Saudi officials warned of coordinated attacks targeting energy infrastructure, and two Saudi tankers have been struck in the Red Sea recently. The increased tensions contrast with earlier optimism from U.S. Treasury Secretary Scott Bessent about potential progress on oil flows through Hormuz.