Houthis attack oil tankers in Red Sea
July 24, 2026
Energy prices have been on a run higher, building more of a risk premium into the market as tension remain high and the stakes escalate.
The upside was helped by a report that the Houthis hit two Saudi oil tankers in the Red Sea. The Houthis announced they had carried out a military operation targeting two Saudi oil tankers they said violated the blockade. The Saudi Arabian news agency SPA later said the Saudi vessel Encelia was attacked in the Red Sea and was on fire, though the crew was safe. President Trump said he would hold Iran accountable for any attacks by Yemen’s Houthi militants.
The oil market rallied above the $90 dollar per barrel level for the first time since June 11.
This morning, we are seeing traders taking profits into the weekend after the strong rise in price we have seen over the last 2 weeks.
President Trump said he is considering a “massive attack” to push Iran to the negotiation table.