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Oil prices climbed sharply on Tuesday as fresh Houthi attacks on Saudi Arabia intensified fears of Middle East supply disruptions, while stalled negotiations over reopening the Strait of Hormuz kept geopolitical risks elevated.
Brent crude futures rose 1.6% to $107.39 a barrel by 22:45 ET (02:45 GMT), while West Texas Intermediate (WTI) crude futures gained 1.7% to $103.09. The advances extended a recent rally driven by concerns that escalating regional conflict could further restrict global oil supplies.
Yemen’s Iran-aligned Houthis launched additional strikes against Saudi Arabia on Monday while strengthening positions near the Red Sea. These locations could enable further attacks on vessels traveling through the Bab al-Mandab strait, a critical shipping route for energy markets.
Several Saudi targets were hit, adding pressure on the kingdom’s oil infrastructure after earlier attacks knocked its major east-west pipeline offline last week. Analysts estimate the latest escalation could potentially disrupt another 4% to 5% of global oil supplies, increasing the risk premium embedded in crude prices.
Uncertainty surrounding the Strait of Hormuz also supported oil prices. Oman postponed a planned Monday meeting between Iran and Gulf states aimed at reopening the strategic waterway, without announcing a new date.
Oil shipments through Hormuz remain well below pre-war levels. Before the U.S.-Iran conflict, roughly one-fifth of global oil supply passed through the strait, making its reopening crucial for easing pressure on energy markets.
Iran also reported that a Panamanian-flagged tanker was struck by sea mines while traveling through Hormuz, although U.S. Central Command disputed the claim.
Meanwhile, President Donald Trump again said Iran was seeking a peace agreement. Tehran rejected that characterization, saying negotiations would not resume until its conditions were satisfied, including U.S. compliance with the terms of a June ceasefire that has since expired.
With Houthi attacks threatening Saudi exports and diplomatic efforts over Hormuz stalled, traders remain focused on the risk of further supply disruptions and continued volatility in global crude oil prices.
