Oil prices top $108 as Houthis claim control of Bab al-Mandab strait

Oil prices continued their upward trend on Friday, with Brent crude futures reaching $108.44 a barrel and U.S. West Texas Intermediate (WTI) rising to $103.17. The benchmarks are on track for their strongest weekly advance since mid-July, with prices up nearly 13% over the week.

The gains follow intensified concerns over shipping in the Red Sea after a senior Ansar Allah official, Mohammed al-Bukhaiti, claimed that Iran-aligned Houthi forces have established full control over the strategic Bab al-Mandab strait.

Reports also indicated Houthi forces had captured key areas in Yemen’s western Taiz province, including military bases and al-Mokha airport. Yemen’s Presidential Leadership Council Chairman, Rashad al-Alimi, warned that the military situation near Bab al-Mandab could affect international trade and have consequences extending to the Suez Canal.

The sharp rise in global oil prices, driven by escalating conflict in the Middle East, has begun to impact international financial markets, sparking fears of renewed inflation.

On Friday, the price surge led to a slump in share markets and a spike in government bond yields. The US benchmark 10-year Treasury yield climbed to 4.9708%, its highest in three years, while Asian stock markets also fell. In India, which imports most of its oil, shares were poised for a sharp decline.

Analysts have warned that prices could climb further. Helima Croft, head of global commodity strategy at RBC Capital Markets, suggested Brent crude could reach $121.99 a barrel later this year due to the geopolitical instability.

Global oil prices continued to climb on Friday, with Brent crude futures rising to $108.68 a barrel and US West Texas Intermediate crude reaching $103.45. Both benchmarks are on track to end the week over $100 for the first time since mid-May, marking a weekly gain of nearly 13%—the steepest since mid-July.

The surge is driven by increasing attacks on Middle East shipping routes and fears of prolonged supply disruptions. Analysts note that recent attacks from Yemen on Saudi energy facilities mark an escalation of the conflict beyond Iran and the Strait of Hormuz.

In the United States, the national average price of diesel has also surpassed $6 a gallon for the first time ever, according to reports.

Oil prices surged by 6% on Thursday, with Brent crude reaching $107.08 a barrel, its highest since mid-May. West Texas Intermediate (WTI) crude also crossed the $100 mark, closing at $101.62.

The spike is attributed to intensified attacks on shipping and growing supply concerns amid the ongoing US-Iran conflict. In a new development, Houthi forces seized control of Yemen's port of Mocha on Thursday, posing a further threat to traffic in the Red Sea.

Meanwhile, US President Donald Trump warned that Washington may target Iran's "Pickaxe Mountain," located near the Natanz uranium enrichment facility, and suggested the conflict could extend beyond the November midterm elections. Iran’s Islamic Revolutionary Guard Corps said it would escalate its response to any further attacks.

US officials have claimed that Iran has resumed production of ballistic missiles in its underground facilities, according to a report in The Wall Street Journal.

The report, citing American officials, states that despite earlier attacks on missile sites and industrial installations, Iran is assembling both liquid-fuel and solid-fuel missiles using pre-stored parts. The production is said to be taking place in more limited numbers than before the current conflict began.

Global oil prices have resumed their upward trend amid ongoing tensions between the US and Iran in the Middle East. After a brief dip, Brent crude rose by 1.35% to trade at $102.58 a barrel on Thursday, September 10.

US West Texas Intermediate (WTI) crude also saw a significant increase of 1.64%, reaching $97.62 a barrel. The rebound follows a period where Brent had fallen to $100.33 and WTI to $95.54.

The latest increases come after prices had already climbed by approximately $7 over the previous four trading sessions.

Global oil prices surged on Thursday, with Brent crude rising above $105 a barrel and US West Texas Intermediate (WTI) crude crossing the $100 mark for the first time since May.

The increase, representing a climb of around 4%, came amid heightened tensions in the Middle East. Most stock markets in the Gulf closed lower, including in Saudi Arabia, Dubai, and Qatar, as investors reacted to the escalating hostilities between the United States and Iran.

Concerns over maritime trade were amplified after Houthi forces reportedly took control of Yemen’s Mocha port. Houthi forces also launched ballistic missiles at southern Saudi cities for a second consecutive day, according to reports.

US President Donald Trump warned that Washington could target Iran’s "Pickaxe Mountain" near the Natanz nuclear facility and indicated the conflict could continue beyond the US midterm elections in November.

The escalating conflict between the United States and Iran continued to send shockwaves through Asian financial markets on Thursday, with major stock indices in Japan, South Korea, and Australia recording significant losses.

In Tokyo, Japan's Nikkei share average slumped, losing 0.8% by the morning session. Australia's S&P/ASX 200 index fell 1.4% to a six-week low, with all sectors trading in the red. The sell-off intensified concerns about inflation and the possibility of another interest rate hike by the country's central bank.

Similarly, South Korean shares fell more than 1%, with the benchmark KOSPI dropping 1.37%. Major technology and auto companies, including Samsung Electronics and Hyundai Motor, saw their share prices decline as risk sentiment soured among investors.

The sustained high price of oil, driven by the ongoing conflict between the United States and Iran, is causing significant strain on Asian financial markets.

On Thursday, stock markets in mainland China and Hong Kong slipped, with the benchmark Shanghai Composite index dropping 0.4% and Hong Kong's Hang Seng index falling 1.3%. The decline in Asian stocks was broadly attributed to rekindled concerns over inflation driven by oil prices remaining above $100 a barrel.

In India, the world's third-largest oil importer, the impact was also felt as government bonds weakened for a second consecutive day. The high crude prices threaten to increase the country's import bill, fuel inflation, and have sent the Indian rupee to a five-day low against the dollar.

The market volatility comes as global investors anxiously await key US inflation data, concerned that persistently high energy costs could influence central bank policy on interest rates.

On Thursday, Brent crude futures were trading at $101.10 a barrel, while US crude stood at $96.24. UAE's Murban crude saw a significant increase of 5.48% to trade at $116.3 per barrel.

Reports indicate that Brent crude prices have risen by approximately 30% since their low point in early August. The price pressure is sustained by the absence of a permanent ceasefire and the resumption of hostilities in late August.

Following the recent exchange of attacks, Iran's Islamic Revolutionary Guard Corps (IRGC) has threatened to escalate its retaliatory actions if further attacks occur. Experts have expressed concern that oil shipments through the Persian Gulf will remain disrupted in the near future. Before the conflict, the Strait of Hormuz was responsible for transporting about a fifth of the world's oil and gas supply, but current shipment levels are reportedly significantly lower.

Iran announced on Wednesday it had attacked 10 ships near the Strait of Hormuz. The move was described as a response to the United States sinking five Iranian oil tankers.

The escalating conflict, now in its sixth month, has pushed Brent crude futures to over $101 a barrel. The uncertainty has also impacted Asian stock markets, with major indices in Japan, South Korea, and India seeing declines. In response to the ongoing disruption, the US Energy Information Administration has raised its oil price forecasts.

Global oil prices continued their upward trend on September 10, with Brent crude surpassing $101 a barrel amid escalating military tensions between the United States and Iran.

As military tensions between the United States and Iran continue to keep global oil prices above $100 a barrel, Saudi Arabia has condemned recent attacks by Iran.

The condemnation, reported on September 9, adds a new diplomatic dimension to the regional situation surrounding the ongoing conflict.

Global oil prices continued to surge on Tuesday, September 9, amid ongoing market volatility linked to the military conflict between the United States and Iran.

Global oil prices saw a significant increase on Wednesday as escalating conflict in the Middle East fueled investor concerns. Brent crude futures rose 2.3% to settle at $100.19 a barrel, marking the first time the benchmark has crossed the $100 threshold since July 24, 2026. US crude oil also climbed 1.7% to $94.61 a barrel.

The price surge has put pressure on global stock markets, with the pan-European STOXX 600 index falling 0.7%. Investors are increasingly worried that higher energy costs could reignite inflation, potentially forcing central banks to maintain high interest rates for longer. The European Central Bank is expected to announce its latest policy decision on Thursday.

The recent surge in oil prices is part of a broader pattern of volatility since the US-Iran war began on February 28, 2026. Following the conflict's start, which disrupted transport through the Strait of Hormuz, Brent crude reached a peak of $126.41 a barrel in late April.

Prices subsequently retreated in June due to hopes for de-escalation, weaker demand from China, and the release of strategic oil reserves. A memorandum of understanding between the US and Iran also contributed to prices falling below pre-war levels before the latest military escalations pushed Brent back above the $100 mark.

Global oil prices continued their upward trend on Wednesday, with benchmark Brent crude surpassing the symbolic $100-a-barrel mark for the first time since July 24.

Brent crude futures rose by $2.01 to $99.93 a barrel after touching a high of $100.19, while U.S. West Texas Intermediate crude increased by $1.49 to $94.52. The surge has been driven by the intensifying military conflict in the Middle East and heightened concerns about oil supplies from the region.

The price increase has also affected European financial markets, with the pan-European STOXX 600 index falling by 0.7% as inflation worries grew. Major banks, including Goldman Sachs, Bank of America, and HSBC, have reportedly raised their crude price forecasts in response to the ongoing instability.

Global oil prices continued their upward trend for a fourth consecutive session on Tuesday, with new figures showing a steady climb amid the escalating military conflict in the Middle East. Brent crude futures rose by $1.57, or 1.6%, to settle at $99.49 a barrel. Similarly, U.S. West Texas Intermediate (WTI) crude saw an increase of $1.60, or 1.72%, reaching $94.63 a barrel.

Reports indicate that since the beginning of August, the price of Brent crude has risen by approximately 25%.

Oil prices continued their upward trend on Tuesday, with Brent crude trading at $99.46 a barrel and WTI crude at $94.43. The increases came as the United States and Iran exchanged military strikes in the Middle East.

US Central Command (CENTCOM) announced its forces had destroyed five Iranian crude oil carriers in the Gulf of Oman and near Kharg Island. The named vessels were M/T Kaviz, M/T Charminar, M/T Horizon 1, M/T Riesco, and M/T Derya. CENTCOM stated the action was a response to two failed ballistic missile attacks by Iran's Islamic Revolutionary Guard Corps (IRGC) on a US Navy warship in the preceding two days. The US confirmed no American personnel were harmed.

Separately, the IRGC claimed it had targeted a US military base in Al-Azraq, Jordan, with ballistic missiles. The Iranian force also claimed to have targeted two US Navy destroyers and hangars for F-35 and F-15 fighter jets. Official confirmation from Jordan regarding the claimed attack was not immediately available.

Global oil prices rose for the fourth straight session on Wednesday, with Brent crude nearing the $100 per barrel mark as the conflict in the Middle East widened. The escalation includes reports of US forces hitting multiple Iranian oil tankers and Iran striking a US base in Jordan.

These developments are in addition to ongoing strikes by Yemen's Houthi rebels on several Saudi cities. Brent crude futures rose by $1.57 to trade at $99.49 a barrel, the highest level since late June. U.S. West Texas Intermediate crude was at $94.63 a barrel.

The heightened tensions have unsettled Asian stock markets and fueled inflation worries ahead of key economic data releases.

Concerns are growing that the ongoing conflict in the Middle East could lead to daily increases in petrol prices in Pakistan. The new concerns follow a surge in global oil prices to a six-week high, with Brent crude futures trading near the $100 per barrel mark amid escalating tensions. The market volatility is linked to recent attacks by Yemen's Houthi rebels on Saudi Arabian cities and energy facilities. Pakistan News will update this story as more confirmed details become available.

Global oil prices continued their upward trend on Tuesday, reaching a six-week high amid escalating tensions in the Middle East. Brent crude futures are now trading near the $100 per barrel mark.

Global oil prices recorded further increases on Tuesday amid escalating tensions in the Middle East. While Brent and US West Texas Intermediate (WTI) crude prices remained elevated, Murban crude saw a significant jump of over 6%, trading at $113 per barrel. The price of WTI crude rose by more than 2%, surpassing $93 per barrel, while Brent crude was trading above $98 per barrel.

Saudi Arabia has issued a stern warning to Yemen's Houthi rebels, stating there will be "serious consequences" if attacks on civilians and civic installations continue. The statement from the Saudi Ministry of Foreign Affairs on Tuesday, September 8, strongly condemned the recent strikes on its cities.

The ministry clarified that the attacks injured 73 civilians, including women and children. It also expressed deep concern over threats to commercial shipping in the Red Sea.

Saudi officials asserted the kingdom's right to defend its sovereignty and protect its national assets, vowing that all necessary measures will be taken to ensure the safety of its citizens. The statement concluded with a call for the international community to fulfill its responsibilities and ensure the implementation of relevant UN Security Council resolutions.

Reports on Tuesday, September 8, confirmed that the latest wave of attacks by Yemen's Houthi rebels on Saudi Arabia involved both drones and ballistic missiles.

Yemen's Houthi rebels have launched a new wave of attacks on Saudi Arabia, according to reports on Tuesday, September 8. The latest attacks reportedly involved ballistic missiles targeting Saudi military equipment. State-owned oil giant Aramco was also said to have been hit again in the strikes, which targeted multiple cities.

Later reports on September 8 indicate the number of people injured in the Houthi attacks on southern Saudi Arabia has risen to 173. The initial count reported 73 civilians wounded.

In response to the Houthi attacks, Yemen's internationally-recognised government has announced retaliatory operations. Yemeni Deputy Defence Minister Major General Samir Al-Sabri stated that a decision has been made to recapture the capital, Sana'a, from the Houthis. This development comes as fighting between government forces and Houthi rebels has reportedly intensified in the Al-Bayda and Al-Jawf provinces. Reports also clarified that women and children were among the 73 people injured in the earlier Houthi attacks on Saudi Arabia.

Yemen’s Houthi rebels attacked energy facilities and cities in southern Saudi Arabia on Tuesday, wounding 73 civilians and forcing a halt to operations at some sites. The Saudi foreign ministry condemned the attacks on Abha, Khamis Mushait, Jazan, and Najran as a “dangerous escalation.”

Fires were reported at some of the targeted facilities. In a statement, the Saudi ministry said it would “take all necessary measures to defend its sovereignty.” A spokesperson for the Saudi-led coalition, Colonel Turki al-Malki, stated that necessary operational measures would be taken to deter the group.

Following the attacks, Brent crude futures rose to $98 a barrel, while US crude futures climbed to $93.65. A Houthi military spokesperson, Yahya Saree, said the group would announce a broad military operation deep into Saudi territory in the coming hours.

On Tuesday, Iran threatened the United States with "economic warfare" and claimed to have fired an advanced missile at US warships, according to reports. This comes as Iran-backed Houthi forces reportedly attacked several cities in Saudi Arabia, wounding 73 people.

Tehran has also announced plans to establish a new "restricted zone" in the Gulf and a new shipping corridor through the Strait of Hormuz.

Meanwhile, despite the conflict, global oil prices have remained below $100 a barrel. Analysts attribute this to several factors, including the use of alternative shipping routes by Gulf producers and stable export levels from countries like Iraq, the UAE, and Kuwait. However, data shows that no very large crude carriers have exited the Strait of Hormuz since September 2, and crude shipments from the Middle East are down to approximately 11 million barrels per day from a pre-war level of 18 million.