Oil Prices Dip but Hold Above $100 as Middle East Supply Threats Mount
Crude oil prices began trading with a dip this week but remain significantly elevated as hostilities between Yemen’s Houthis and Saudi Arabia, as well as Iranian attacks on tankers in the Persian Gulf, continue. At the time of writing, Brent crude was trading at $114.42 per barrel, down from over $116 per barrel last week but up from around $60 per barrel at the end of 2025. West Texas…
Oil prices dipped this week, yet remain above $100, as ongoing tensions between Yemen’s Houthis and Saudi Arabia, along with Iranian attacks on tankers in the Persian Gulf, persist. As of now, Brent crude is trading at $114.42 per barrel, a decline from over $116 last week, but an increase from around $60 at the end of 2025. West Texas Intermediate stayed above $100, despite the recent dip, at $100.97 per barrel, down from a peak over $112 in April but up from under $60 at the end of last December.
The market's movement appears to be a series of rises and falls, with declines typically less severe than the increases. While this trend may be worrisome if it persists, physical oil prices have dropped from earlier highs over the past few weeks. Additionally, records show a surge in tanker attacks in the Strait of Hormuz this month, with the Yemeni Houthis continuing their attacks on Saudi infrastructure, including oil facilities.
Over the weekend, at least 11 supertankers were hit in Hormuz, causing damage. This situation is particularly concerning in a market where supply of large crude carriers is already tight.
Written by urgent.news from OilPrice's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
