Brent Crude Surges Above $96 After Red Sea Tanker Attacks

Global crude oil prices climbed sharply on Thursday, with Brent crude rising above $96 per barrel after Iran-backed Houthi militants claimed responsibility for attacks on two Saudi Arabian oil tankers in the Red Sea.

The developments have intensified concerns over potential disruptions to global energy supplies and heightened geopolitical risks across West Asia.

The international benchmark Brent crude gained more than 2.5 per cent, rising by $2.42 to trade above $96 per barrel after reaching a six-week high in the previous session.

The US benchmark West Texas Intermediate (WTI) advanced over 2 per cent, adding $1.84 to hover close to $88 per barrel.

The Houthis claimed missile and drone attacks on Saudi oil tankers Encelia and Layla, alleging they breached the group’s blockade.

Earlier, UKMTO reported a projectile strike on a commercial vessel near Saudi Arabia’s Red Sea coast, marking a major escalation in the conflict.

The route has become increasingly important for Saudi Arabia’s crude exports, providing an alternative passage that avoids the strategically vital Strait of Hormuz.

The latest developments have intensified fears of tighter global oil supplies, extending a rally that has already lifted Brent crude by nearly 30 per cent this month.

Market analysts believe continued geopolitical instability and further supply disruptions could push crude prices back towards the $100-per-barrel mark.

Experts also cautioned that sustained high oil prices could weigh on India’s economy, given its heavy dependence on imported crude.

Higher energy costs may increase inflationary pressures, widen the current account deficit and adversely affect overall market sentiment if the geopolitical situation continues to deteriorate.

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