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- Oil prices rebounded Wednesday after Yemen’s Iran-backed Houthis reportedly hit a Saudi Arabian tanker in the Red Sea.
- The reported strike dented hopes of a potential ceasefire agreement, which rose this week following comments by Treasury Secretary Scott Bessent.
- Brent crude was last seen more than 1% higher.
Crude prices rebounded on Wednesday after Yemen’s Iran-backed Houthi miitants claimed they had struck a Saudi Arabian tanker in the Red Sea.
Brent crude, the international price benchmark, was last seen trading at $80.32 a barrel, an increase of more than 1.2%, while U.S. West Texas Intermediate futures for September delivery rose 0.67% to $76.28.
Stock Chart IconStock chart icon
Brent crude.
The Iranian-aligned Houthis said they hit the tanker with a missile near the coast of Yanbu, a major port for Saudi crude oil exports.
The reported strike, and subsequent rebound in oil prices, rattled markets, and appeared to sour hopes of a potential ceasefire deal in the Middle East.
U.S. Central Command said in post on X late Tuesday that the southern route of the Strait of Hormuz, which passes through Omani territorial waters, was “free and open” to commercial vessels.
Stock Chart IconStock chart iconWest Texas Intermediate futures.
That followed earlier comments by Treasury Secretary Scott Bessent to CNBC in which he said that a deal to unlock the waterway — a vital transit route for oil, gas, fertilizer and other industrial products — could be reached this week.
Oil ended about 6% lower on Tuesday amid hopes of a reopening of the Strait. Prices have been edging lower in recent days after U.S. President Donald Trump called off a planned attack on Iran earlier in the week in favor of fresh negotiations.
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