Washington, DC – Global oil prices surged today, reaching their highest level in over six weeks, amid escalating military tensions in the Arabian Gulf and the Red Sea.
This sharp rise coincided with the United States announcing a new round of intensive airstrikes against targets inside Iran. Additionally, the Houthi group in Yemen claimed responsibility for armed attacks targeting two oil tankers as they transited vital waterways.
By 9:35 AM Moscow time, energy markets had seen a broad rally in futures contracts. West Texas Intermediate (WTI) crude futures for September delivery rose 1.44% to $88.08 per barrel.
Similarly, Brent crude futures for the same contract jumped significantly by 2.05%, settling at $96 per barrel. This marked their highest closing and trading level since June 8, 2026, reflecting the prevailing market concerns about supply security.
Continued US strikes and tension in the Strait of Hormuz
On the ground, the US military announced that its forces had carried out new military strikes targeting sites inside Iran, marking the twelfth consecutive night of operations. These escalating developments on the ground come just hours after strongly worded threats issued by US President Donald Trump. He vowed to destroy the targeted bridge or power plant, or any similar facility, in Iran every time Tehran fires on or targets any commercial or military vessel in the strategic Strait of Hormuz.
In a related development within Iranian waterways, the Iranian Revolutionary Guard reported that an oil tanker caught fire following a powerful explosion while attempting to cross what it described as a mined shipping lane south of the Strait of Hormuz. The statement added that two other tankers were forced to turn back to avoid the dangers in the area.
Red Sea developments and the targeting of two Saudi tankers
On the other front, extending towards the Red Sea, the Houthi group announced a significant military operation targeting two Saudi oil tankers. One of the vessels, the Saudi-flagged tanker “Incilia,” was reportedly damaged after being directly targeted, resulting in a small fire on its bow, according to maritime security reports and international monitoring bodies. These interconnected events underscore the gravity of the current situation and its direct impact on disrupting shipping. They also contribute to the escalating pressure on global energy prices amidst the widening scope of the open regional conflict.
