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FrontRow · Aug 5, 2026

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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. 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.

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. 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.

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