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Oil prices extended their rally for a fifth consecutive session during Asian trading on Thursday as renewed geopolitical tensions in the Middle East fueled concerns over potential disruptions to global crude supplies. The latest gains followed claims by Iran-backed Houthi militants that they had targeted two Saudi oil tankers in the Red Sea, increasing fears over the security of key energy shipping routes.
Brent crude futures for September delivery climbed 1.7% to $95.62 per barrel, while U.S. West Texas Intermediate (WTI) crude futures rose 1.5% to $88.18 per barrel.
The Houthis said they launched attacks on the Saudi tankers ENCELA and LAYLIA, accusing the vessels of violating a recently announced maritime blockade. Saudi officials have not confirmed whether the ships sustained any damage, but the incident marks another escalation in regional tensions that continue to threaten oil infrastructure and commercial shipping.
The reported attacks came after the group warned earlier this week that it would target Saudi-linked vessels traveling through the Bab el-Mandeb Strait, a strategic maritime corridor connecting the Red Sea to the Gulf of Aden. Any prolonged disruption in the area could force oil tankers to reroute around the southern tip of Africa, increasing shipping times and freight costs while tightening global crude supply chains.
Oil markets are also closely monitoring the ongoing conflict between the United States and Iran, which has heightened concerns over shipping through the Strait of Hormuz. Together, the Hormuz and Bab el-Mandeb waterways carry a substantial share of the world's seaborne crude exports, making any security threat in the region a major driver of oil price volatility.
Despite the geopolitical support for prices, fresh U.S. inventory data offered a bearish signal. The Energy Information Administration reported that commercial crude inventories unexpectedly increased by 2.0 million barrels to 411.7 million barrels in the week ended July 17, defying market expectations for a decline. Gasoline inventories rose by 0.8 million barrels, distillate stockpiles increased by 1.4 million barrels, and total commercial petroleum inventories climbed by 11.6 million barrels, highlighting ample domestic fuel supplies even as geopolitical risks continue to dominate market sentiment.
