Crude oil prices rose on Wednesday as Houthi militants claimed to strike a Saudi Arabian tanker in the Red Sea.
Crude oil prices rose on Wednesday after Yemen's Iran-backed Houthi militants claimed they struck a Saudi Arabian tanker in the Red Sea with a missile. Brent crude, the international benchmark, increased by 1% to $80.22 per barrel, while U.S. West Texas Intermediate futures rose 0.46% to $76.12. The strike occurred as the U.S., Iran, and Oman hold talks to stabilize the security situation in the Strait of Hormuz. The administration announced that negotiations are underway to reach an interim deal regarding ship transit routes. Treasury Secretary Scott Bessent stated that a deal to unlock the waterway could be reached this week. President Trump said that negotiations went all day long and that things look very good. The deal follows a previous memorandum of understanding signed in June, which collapsed due to fighting over the route ships take through the strait. Washington retaliated against Iran with airstrikes and a naval blockade after Tehran attacked ships under U.S. military protection.