Oil nears $100 after Houthi strikes on Saudi tankers

23.07.2026 · By Bernal Fintech Markets Desk

Oil prices approached $100 a barrel as Yemen’s Houthi rebels claimed attacks on Saudi Arabian oil tankers in the Red Sea, intensifying regional tensions and raising concerns over supply disruptions. Brent crude rose to over $98 a barrel following the reported strikes, which could further strain global energy markets amid an already volatile geopolitical climate.

The Houthi group, backed by Iran, announced a naval blockade against Saudi Arabia earlier this year. According to reports, the rebels targeted two Saudi oil tankers with drones and missiles, marking the first such attack in the Red Sea since the blockade was declared. The attacks come as the U.S. has launched additional strikes on Iran, escalating the regional conflict and creating what some analysts describe as a ‘two-chokepoint problem’ in the Red Sea and the Strait of Hormuz.

Regional Tensions and Supply Disruptions

The Houthi attacks are part of a broader escalation in the Middle East, with the U.S. and Iran locked in a cycle of retaliatory strikes. The Red Sea and the Strait of Hormuz are critical shipping lanes for global oil trade, and any disruption in these areas can have significant implications for global energy prices. According to Reuters, two Chinese supertankers carrying a combined 4 million barrels of Saudi Arabian oil are attempting to exit the Red Sea via the Bab el-Mandeb strait, despite the ongoing attacks. This movement highlights the complexity of the situation, as the Houthis’ ability to enforce their naval blockade remains uncertain.

Meanwhile, the attacks have also impacted digital assets, with Bitcoin and XRP experiencing declines amid heightened geopolitical uncertainty. The convergence of military actions, maritime blockades, and energy market volatility has created a challenging environment for investors and traders alike.

What it means for markets

The rising oil prices and geopolitical tensions are likely to continue pressuring global markets, with energy stocks and commodities facing increased volatility. Investors are closely monitoring developments in the Red Sea and the broader Middle East, as any further escalation could lead to more severe disruptions in global trade and energy supply chains.