Crude oil prices top $96 as Houthis target Saudi ships in Red Sea

Crude oil futures traded higher on Thursday morning following reports of attacks by the Iran-backed Houthis on ships in the Red Sea.

At 9.34 am on Thursday, September Brent oil futures were at $96.14, up by 2.20 per cent, and September crude oil futures on WTI (West Texas Intermediate) were at $88.35, up by 1.75 per cent. August crude oil futures were trading at ₹8562 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday against the previous close of ₹8410, up by 1.81 per cent, and September futures were trading at ₹8247 against the previous close of ₹8139, up by 1.33 per cent.

Reports said that the Houthis attacked two oil tankers from Saudi Arabia with missiles and drones. This attack has raised concerns over exports of Saudi crude via Red Sea route.

Citing an official source at Saudi’s Transport General Authority (TGA), Saudi Press Agency said in a report that the vessel ENCELIA, owned by a Saudi company, was targeted while sailing in the Red Sea, resulting in a fire at the bow of the vessel.

The source confirmed the safety of all crew members and that all relevant authorities have taken the necessary measures to secure the vessel and its crew and protect the marine environment. The report said these attacks constitute a violation of international laws and conventions that guarantee the safety of commercial vessels and their crews.

US Central Command said in a statement that its forces completed another round of strikes against Iran at 10.30 pm ET on July 22.

US forces struck Iranian military targets including maritime capabilities, missile and drone storage facilities, coastal surveillance sites, and air defence assets. The strikes further degrade Iran’s ability to attack civilian mariners and commercial vessels, it said.

This month, American forces have targeted dozens of Iranian military sites on land while resuming a blockade against Iran at sea. As of July 22, US Central Command redirected nine commercial vessels and disabled one to prevent ships from entering or departing Iranian ports, it siad.

More than 50,000 US service members are operating across West Asia and remain highly vigilant, focused, lethal, and ready, it said.

Meanwhile, data released by the US EIA (Energy Information Administration) showed an increase in crude oil inventories in the US for the week ending July 17.

According to EIA, US commercial crude oil inventories increased by 2 million barrels for the week ending July 17. At 411.7 million barrels, US crude oil inventories were about 6 per cent below the five-year average for this time of year.

Total motor gasoline inventories increased by 0.8 million barrels from last week and were 7 per cent below the five-year average for this time of year. Distillate fuel inventories increased by 1.4 million barrels last week and were about 10 per cent below the five-year average for this time of year.

Total products supplied in the US over the last four-week period averaged 20.4 million barrels per day, down by 1 per cent from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.9 million barrels per day, up by 1.4 per cent from the same period last year. Distillate fuel product supplied averaged 3.7 million barrels per day over the past four weeks, up by 2.2 per cent from the same period last year. Jet fuel product supplied was up 9.1 per cent compared with the same four-week period last year.

Published on July 23, 2026