Oil prices surged past $100 a barrel thursday as threats to oil shipments through the strait of hormuz and bab el-mandeb: International benchmark Brent crude traded at $100.17 per barrel at 4.16 p.m. local time (1316 GMT), up around 6.5% from the previous close of $94.07. US benchmark West Texas Intermediate (WTI) traded at $91.54 per barrel, up around 5.46% from $86.80 in the previous session. Brent crude futures climbed to their highest level since May 27.
According to Anadolu Agency, the latest rise followed fresh warnings from Washington and Tehran, as well as reported attacks on Saudi oil tankers and an explosion involving a vessel in the Strait of Hormuz. US President Donald Trump stated that Washington will hold Tehran accountable if the Yemeni Houthi group attacks commercial vessels, referencing previous US actions against the Houthis for interfering with commerce and trade. He emphasized that any further aggression would be met with significant military repercussions against Iran and the Houthis.
His remarks came after Yemen's Houthi group claimed responsibility for targeting two Saudi oil tankers with ballistic and cruise missiles, as well as drones. US Secretary of State Rubio urged the Houthis to refrain from involvement in the Iran conflict, suggesting that they had been manipulated by Tehran.
Tensions escalated as Iran's military issued warnings of potential retaliatory strikes on regional energy facilities if US attacks on Iranian infrastructure persisted. The Islamic Revolutionary Guard Corps (IRGC) reported attacks on US military bases in Kuwait and Jordan and mentioned an explosion affecting an oil tanker in the Strait of Hormuz, leading to disruptions in maritime transit.
The developments have heightened concerns over security in the Strait of Hormuz, a critical oil shipping chokepoint through which approximately one-fifth of global oil consumption flows. The US military announced continued operations against Iranian military targets, highlighting ongoing instability in the region. Iranian media reported explosions in several areas of the country, including damage near the Bushehr nuclear power plant.