Brent Cracks $100 as Houthis Hit Saudi Tankers and Trump Raises War Threat

Brent crude futures broke above $100 a barrel on Thursday for the first time since late May, after Yemen’s Houthi movement claimed strikes on two Saudi Arabian oil tankers in the Red Sea and President Donald Trump warned Iran it would face “major military punishment” for further attacks.

The rally caps a month in which Brent has already risen more than 30%. Prices are now roughly 40% above where they stood before the U.S.-Iran war began in late February, and up more than 60% year to date by some measures.

These were the first confirmed ship attacks outside the immediate area of the Strait of Hormuz since the war intensified. The Red Sea and the Bab el-Mandeb Strait carry an estimated 12% to 15% of global maritime trade, worth more than $1 trillion a year. Around roughly 4 million to 4.5 million barrels a day of Saudi crude could face elevated risk if the attacks continue.

U.S. Central Command carried out its 12th consecutive night of strikes on Iranian drone and missile storage sites and air defenses. Iran responded through its Tasnim News Agency, warning it would retaliate against U.S.-linked infrastructure and energy assets in the region.

Daily Hormuz transits fell from roughly 130 ships before the war to single or low double digits on some days. A ceasefire reached earlier in the summer collapsed in July, and strikes between U.S. and Iranian forces have since become a near-nightly occurrence.

Traders are watching shipping data, strike reports and any sign of diplomacy, with Oman mentioned as a potential mediator, in the days ahead.