Crude oil prices rose on Wednesday as Houthi militants struck a Saudi Arabian tanker in the Red Sea.
Crude oil prices rose on Wednesday following a missile strike by Yemen's Iran-backed Houthi militants on a Saudi Arabian tanker in the Red Sea. Brent crude rose 1% to $80.22 per barrel, while U.S. West Texas Intermediate futures increased by 0.46% to $76.12. The strike occurred near the coast of Yanbu, a major port for Saudi crude oil exports. 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 specific routes ships take. Treasury Secretary Scott Bessent indicated that a deal to unlock the waterway could be reached this week. President Trump said the negotiations were productive and that things look very good. These developments follow a period of which prices edged lower after the administration called off a planned attack on Iran in favor of fresh negotiations.