Oil prices remained near a five-month high on Tuesday due to new attacks on Saudi Arabia's ships and energy infrastructure. At 04:15 Eastern Time, the price of Brent crude futures reached $110.48 per barrel, indicating a 0.8 percent increase. Additionally, the price of West Texas Intermediate (WTI) oil rose by 1.3 percent to $105.02 per barrel.
Threats in the Strait of Hormuz
Brent oil prices on Monday reached their closest level to a five-month high, although they initially fell due to reports of progress in negotiations between the United States and Iran. However, this decline was short-lived, and oil prices rose again as Eshaq Jahangiri, Iran's First Vice President, stated that the country has "no option but to assert sovereignty" over the Strait of Hormuz. These remarks heightened concerns about potential disruptions to oil supply at this key point.
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Houthi Attacks on Saudi Arabia
ANZ analysts warned that the increase in oil flows is now facing a threat, as preliminary data indicates another decline due to intensified attacks on ships in the Persian Gulf. Additionally, the Islamic Revolutionary Guard Corps of Iran claimed that a tanker struck a naval mine and caught fire in the Strait of Hormuz, although this incident has not been independently verified. Reports suggest that this ship was using an unauthorized route, and it is unclear whether it relates to the U.S.-protected maritime corridor off the coast of Oman.
Meanwhile, Iran-backed Houthis in Yemen claimed responsibility for new attacks on energy, military, and transportation infrastructure in Saudi Arabia. These attacks included facilities of Aramco in Yanbu, the Shaybah oil field, King Khalid International Airport in Riyadh, and Abha Airport. Saudi Arabia has allied with international government forces in Yemen and has begun its attacks to reclaim territories controlled by the Houthis since early this month.
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