The record
Written from the 1 report below. Nothing here is unsourced.
- Crude oil prices climbed to a six-week high on Thursday, with Brent rising 2.05% to $96 a barrel and WTI up 1.62% to $88.24, their highest levels since June 8.
- The rally came amid escalating Middle East tensions, including a twelfth straight night of US strikes on Iran and an oil tanker fire near the Strait of Hormuz.
- Iran's Revolutionary Guards said the strait was under their control and 'completely closed', while the Iran-aligned Houthis announced a naval blockade of Saudi Arabia and attacked Saudi oil tankers in the Red Sea.
- The developments raised concerns over oil shipments through two of the world's key maritime routes, though crude remains well below its conflict peak of $126.
What to watch next
- Whether Iran's claimed closure of the Strait of Hormuz affects tanker movement through the route
- Further Houthi attacks or enforcement of the announced naval blockade of Saudi Arabia in the Red Sea
- US response following President Trump's warning to destroy Iranian infrastructure if ships are targeted
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Named United States · Iran · Saudi Arabia · Yemen · Bab-el-Mandeb Strait · ENCELIA · Red Sea · Strait of Hormuz · Donald Trump · Houthis · Islamic Revolutionary Guard Corps
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