Middle East: Oil surges as Gulf tensions escalate
Summary
Yemen’s Houthi rebels said they attacked two Saudi oil tankers in the Red Sea. This action responds to Saudi Arabia’s blockade of Yemen and adds to tensions in the region, pushing oil prices higher.Key Facts
- Houthi rebels in Yemen attacked two Saudi oil tankers on July 23, 2026.
- The attack happened in the Red Sea near the Bab el-Mandeb Strait.
- Houthis declared a blockade on Saudi-linked shipping through this strait earlier that week.
- This is the first strike on a vessel by the Houthis since their blockade announcement.
- Saudi Arabia had imposed a blockade on Yemen and struck Sanaa’s airport, prompting Houthi retaliation.
- The Bab el-Mandeb Strait is an important shipping route connecting the Red Sea to the Gulf of Aden.
- Oil prices, specifically Brent crude, reached their highest level since May due to these tensions.
- The Strait of Hormuz remains closed, further pressuring global oil shipping.
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