Oil prices rise on Middle East supply threats and Red Sea risks

Brent crude hits $112 per barrel

Brent futures rose by three percent to reach $112 a barrel for the first time since mid-May. US West Texas Intermediate crude also gained value, climbing 76 cents to settle at $98.58 per barrel. Traders remain wary of ongoing risks to shipping routes and oil facilities in the region.

Houthis target Saudi sites and airports

Yemeni Houthis claimed responsibility for strikes on a facility in Yanbu and the Shaybah oilfield. The group also said they attacked Riyadh and Abha airports, causing injuries at a civilian airport in Dammam. Fighting between Yemeni government forces and rebels intensified while the death toll from recent attacks increased.

Iranian forces hit tankers near Hormuz

The Islamic Revolutionary Guard Corps stated that four vessels involved in illegal transfers caught fire after being tracked by its forces. Additional ships collided with mines west of the strait, expanding attacks beyond the immediate area. Analysts note that these incidents threaten loadings outside the Arab Gulf and disrupt ship-to-ship transfers.