The forward barrel price of Brent oil, which closed at $94.07 yesterday, rose about 6.5 percent compared to today's closing price of $16.16, reaching $100.17. At the same time, a barrel of West Texas Intermediate (WTI) crude oil was sold for $91.54.
The forward barrel price for Brent oil reached its highest level since May 27th.
The price increase was influenced by concerns that escalating tensions between the US and Iran could disrupt oil supplies in the Strait of Hormuz, as well as increasing security risks in the Bab al-Mandab Strait following the naval blockade of Saudi Arabia by the Iran-backed Houthis in Yemen.
Yahya Seri, the Houthis' military spokesman, announced on July 20 that they had begun implementing a “naval blockade” against Saudi Arabia, and last night he announced that they had attacked two Saudi oil tankers in the Red Sea with unmanned aerial vehicles and missiles, saying they had violated the transit ban.
In his statement on his social media account today, US President Donald Trump said that if the Houthis attacked again in the Middle East, the US would blame Iran for the situation.
While these attacks increase transportation risks in the Strait of Hormuz and Bab al-Mandab, they also heighten concerns about the security of global oil supplies.
As the US continues its attacks against Iran, Iran continues its retaliation against US bases in the Gulf.
Responding to Trump's comments targeting Iran's energy infrastructure, Majid Mousavi, commander of the Revolutionary Guard's Aerospace Forces, said they could target the energy infrastructure of US allies in the region.
Mutual threats between the parties increase security concerns regarding energy infrastructure in the region.
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