Crude oil prices increased on Wednesday after Yemen's Houthi militants claimed to have struck a Saudi Arabian tanker in the Red Sea.
Key facts
- •Brent crude rose 1% to $80.15 per barrel.
- •U.S. West Texas Intermediate futures for September delivery increased 0.28% to $75.98.
- •Houthi militants claimed to have used a missile to strike a tanker near the Saudi port of Yanbu.
- •U.S. Central Command confirmed the southern route of the Strait of Hormuz is free and open to commercial traffic.
- •Oil prices had previously dropped 6% on Tuesday due to hopes for a ceasefire and the potential reopening of the Strait of Hormuz.
Brent crude and U.S. West Texas Intermediate futures rose on Wednesday following reports that Iran-backed Houthi militants struck a Saudi Arabian tanker near the port of Yanbu. The claim of the missile strike contributed to market volatility and appeared to diminish expectations for a potential ceasefire in the Middle East.
By the numbers
Market impact and regional tensions
Brent crude, the international benchmark, traded at $80.15 a barrel, marking a 1% increase. U.S. West Texas Intermediate futures for September delivery rose 0.28% to reach $75.98. The reported strike follows a period of price declines, as oil had ended approximately 6% lower on Tuesday amid optimism regarding the potential reopening of the Strait of Hormuz.
Status of the Strait of Hormuz
U.S. Central Command stated late Tuesday that the southern route of the Strait of Hormuz remains open to commercial vessels. This update followed comments from Treasury Secretary Scott Bessent, who suggested earlier that a deal to secure the transit route for oil, gas, and industrial products could be reached this week. Recent market trends had been influenced by President Donald Trump's decision to pursue negotiations rather than a planned attack on Iran.
Timeline
- Earlier in the weekPresident Donald Trump called off a planned attack on Iran in favor of negotiations.
- TuesdayOil prices ended approximately 6% lower amid hopes for a reopening of the Strait of Hormuz.
- Late TuesdayU.S. Central Command stated the southern route of the Strait of Hormuz was free and open.
- WednesdayCrude prices rose following reports of a Houthi strike on a Saudi tanker.
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This article was independently rewritten by ManyPress editorial AI from reporting originally published by CNBC Europe.
