Oil Prices Rise Amid U.S. Strikes on Iran and Houthi Threats — Reuters
Global oil prices continued to rise amid the escalating situation in the Middle East. The market reacted to new U.S. strikes on Iranian military targets, as well as threats by the Iran-backed Houthis in Yemen to attack oil tankers.
Brent crude futures rose by $1, or 1.1%, to $92.01 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude rose by 82 cents, or 1%, to $85.16 per barrel.
The price increase came after prices hit a five-week high the previous day amid tit-for-tat strikes between the U.S. and Iran. According to the agency, the U.S. military has been striking Iranian military targets for the 11th consecutive night, while Iran has attacked U.S. facilities in Bahrain, Kuwait, and Jordan.
Additional pressure on the market came from statements by Yemen’s Houthis, who threatened to attack ships carrying Saudi oil through the Bab el-Mandeb Strait and announced a naval blockade of Saudi Arabia. Following these warnings, some oil tankers changed their routes.
Analysts note that the escalation of the conflict is heightening fears of potential disruptions to global energy supplies, which is driving further increases in oil prices.
This is reported by Reuters.
As a reminder, global oil prices fell after Iran’s statements about possible negotiations with the U.S.
U.S. President Donald Trump approved a nuclear energy agreement with Saudi Arabia that could pave the way for the country to enrich uranium.
U.S. President Donald Trump warned that it would take Iran 20 to 25 years to recover from U.S. strikes. He made these remarks during a conversation with reporters on Tuesday, July 21.
