Global oil prices climbed above $100 per barrel on Thursday after Yemen’s Iran-backed Houthi rebels attacked two Saudi oil tankers in the Red Sea, raising fresh concerns over oil supplies from the Middle East.
The latest escalation came as the conflict involving Iran, the United States and its regional allies expanded, with US President Donald Trump warning Tehran that Washington would hold it responsible for any future Houthi attacks on vessels in the Strait of Hormuz.
Brent crude briefly rose above $100 per barrel for the first time since May, while US benchmark West Texas Intermediate also recorded strong gains. Analysts attributed the surge to fears that key shipping routes in the region could be disrupted.
The Houthis claimed responsibility for targeting the Saudi tankers days after announcing a maritime blockade against Saudi-linked vessels.
The group has repeatedly threatened to shut down the Bab al-Mandeb Strait, a strategic shipping route connecting the Red Sea to the Gulf of Aden.
Trump warned that any further Houthi attacks would attract a strong military response against both the Houthis and Iran.
“If they do this again, the US will hold Iran responsible because the Houthis are a surrogate and proxy of Iran, and major military punishment will be inflicted upon Iran and the Houthis,” Trump said in a post on Truth Social.
US Secretary of State Marco Rubio accused Iran of drawing the Houthis deeper into the conflict, saying the group had been “suckered” into attacking regional shipping lanes.
Meanwhile, the US House of Representatives voted 214-208 in favour of a resolution seeking to limit Trump’s authority to continue military action against Iran without congressional approval.
Although the measure is largely symbolic and would not force the administration to halt the conflict, it reflects growing concern among lawmakers over the expanding war.
On the diplomatic front, Israeli Prime Minister Benjamin Netanyahu welcomed Trump’s decision to require Saudi Arabia to join the Abraham Accords before a newly signed US-Saudi civilian nuclear agreement can take effect.
Trump said the deal would only proceed if Riyadh formally normalises relations with Israel.
Elsewhere, Iraq’s Prime Minister Ali al-Zaidi arrived in Tehran for talks with Iranian President Masoud Pezeshkian following his recent visit to Washington, while Kuwait reported that Iranian drones struck the Abdali border area near Iraq, causing material damage but no casualties.
The Houthis, formally known as Ansar Allah, control much of northern Yemen, including the capital, Sanaa, and most of the country’s Red Sea coastline.
Backed by Iran, the group has received missiles, drones and other military technology over the years and has increasingly targeted regional shipping since the Gaza conflict began in 2023.
Analysts warned that unless tensions ease, oil prices could continue to climb as fears grow over disruptions to global energy supplies.
