Oil prices hit $100/barrel after Houthi attack on tankers in the Red Sea

Yemen's Iran-backed Houthis attacked two Saudi oil tankers in the Red Sea with missiles and drones on Thursday night, raising concerns about further restrictions on oil supplies from the Middle East.

Iran's attacks on ships passing through the Strait of Hormuz two weeks ago have already halted oil exports through the Strait of Hormuz and forced the US to resume strikes on military facilities in Iran.

September Brent crude futures rose 20% in a week and crossed the psychological threshold of $100.6/barrel (+36% in a month) on expectations of the start of a Saudi Arabian ground operation against the Houthis in Yemen and the intensification of the war between the US and Iran.

According to ship tracking data from Kpler, only one oil tanker crossed the Strait of Hormuz on Thursday, the lowest daily figure since May 7, as the US continues to attack Iran and block Iranian oil supplies for the 13th consecutive day.

The Houthis' blockade of shipping in the Red Sea threatens Saudi oil exports from Yanbu, a transportation hub in the Red Sea where the Saudis have redirected 6 million barrels per day of crude oil since the near-total shutdown of supplies through the Strait of Hormuz.

The latest US strikes cut off Iran's southern province of Hormozgan and the port city of Bandar Abbas, from where the IRGC has been attacking ships in the Strait of Hormuz. Yesterday, President Trump said in an interview with Axios that he was considering a "massive attack" that would be "bigger than ever before" and was "close to making a decision on it."

The reduction in oil supplies through the Strait of Hormuz will remain the main factor supporting oil prices in the coming weeks, so grain and oilseed prices continue to rise, and fuel prices have also resumed their growth in the world and in Ukraine.