Crude oil prices rose as Houthi militants struck a Saudi Arabian tanker in the Red Sea.
Crude oil prices rose on Wednesday following a report from Yemen's Iran-backed Houthi militants claiming they struck a Saudi Arabian tanker with a missile near the coast of Yanbu. Brent crude rose 1% to $80.22 per barrel, while U.S. West Texas Intermediate futures increased 0.46% to $76.12. This price movement follows ongoing negotiations between the U.S., Iran, and Oman to stabilize the security situation in the Strait of Hormuz. The administration announced a memorandum of understanding was signed on June 17 to open the waterway, though fighting erupted over the shipping routes. Treasury Secretary Scott Bessent stated that a deal to unlock the vital transit route could be reached this week. President Trump noted that negotiations were successful and expressed optimism regarding the progress. The price increase comes after as recent days saw prices edge lower as the administration opted for negotiations over a planned attack on Iran.