Oil prices rebound after Houthis claim strike on Saudi tanker in Red Sea

Published Aug 5, 09:53 AM UTC

Oil prices rebounded on Wednesday after Yemen's Iran-backed Houthi militants claimed they had struck a Saudi Arabian oil tanker in the Red Sea near the port of Yanbu. Brent crude rose over 1.2% to $80.32 a barrel, while U.S. West Texas Intermediate increased 0.67% to $76.28. The reported strike dampened hopes for a potential ceasefire deal in the Middle East, which had risen earlier in the week following comments by U.S. Treasury Secretary Scott Bessent about a possible reopening of the Strait of Hormuz. Oil prices had fallen about 6% on Tuesday amid optimism over the waterway's reopening. The incident also follows President Donald Trump's decision to call off a planned attack on Iran in favor of new negotiations.