Oil prices climbed to their highest level in more than six weeks on Thursday as escalating Middle East tensions heightened concerns over global energy supplies. Rising risks to key shipping routes supported gains in both Brent crude and US West Texas Intermediate futures.
Brent crude futures rose $2.20, or 2.3%, to $96.27 a barrel after advancing more than $3 in the previous session. Meanwhile, US West Texas Intermediate crude gained $1.65, or 1.9%, to $88.48 during Asian trading.
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Market sentiment strengthened after Yemen’s Houthis claimed attacks on oil tankers in the Red Sea. At the same time, the United States carried out another round of military strikes on Iran, increasing concerns over regional security and energy exports.
Additionally, Iran’s Revolutionary Guards claimed an oil tanker caught fire following an explosion near the Strait of Hormuz. They also said the strategic waterway was under Iranian control and warned that tanker movements would require coordination with Tehran. Reuters could not independently verify those claims.
Analysts said simultaneous risks in the Strait of Hormuz and the Bab el-Mandeb Strait have significantly increased pressure on global oil markets. However, they noted that sustained price gains would depend on prolonged shipping disruptions or actual supply losses.
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Meanwhile, the Houthis said they targeted two Saudi oil tankers and warned vessels against sailing to Saudi ports. Maritime security reports indicated one Saudi-flagged tanker was struck in the Red Sea. Reuters could not immediately verify the Houthi account.
The latest developments have heightened concerns over global energy security and shipping through critical maritime routes. Investors will continue monitoring military activity and any disruption to oil exports. Further escalation could increase volatility across international energy markets.