Oil prices surge to $96 after Houthi attacks on Saudi-linked tankers
The Financial Reports that oil benchmarks jumped to $96 per barrel following missile and drone attacks on two vessels, marking the first incident since the Houthi faction announced a maritime embargo against Saudi Arabia.
Oil prices have surged to $96 per barrel following a coordinated attack on two oil tankers in the Red Sea, the Financial Times reports. Yemeni Houthi rebels claimed responsibility for the incident, stating they used missiles and drones to target the vessels, identified as the Encelia and the Layla. The attack marks the first operational strike since the Houthi faction announced a naval blockade and maritime embargo against Saudi Arabia on Monday.
Houthi military spokesperson Yahya Saree stated that the group would continue enforcing the blockade, alleging that the targeted ships had violated the imposed restrictions. Saree further claimed that the escalation had forced nearly ten other vessels to abandon their routes, although this figure requires independent verification. The UK Maritime Trade Operations centre is currently monitoring the situation as maritime security in the region continues to deteriorate.
Saudi state media confirmed that the Encelia was struck by the attack, resulting in a fire at the bow of the vessel. However, the state broadcaster reported that all crew members were safe and there were no casualties. The specific extent of damage to the second tanker, the Layla, was not detailed in the available reports.
The incident occurs against a backdrop of heightened geopolitical tension in the Middle East, with ongoing US strikes on Iranian targets and persistent Houthi disruptions to shipping lanes. While the attack has driven oil prices higher, markets had previously seen a dip in crude costs following reports of progress toward an interim peace deal between the United States and Iran to reopen the Strait of Hormuz.
Separately, US stock markets have shown resilience, rising following the debut of the SpaceX initial public offering on 11 June 2026. Shares in the aerospace manufacturer traded at $150, raising approximately $75 billion and valuing the company at around $1.77 trillion, providing a counterpoint to the volatility in energy markets.
