Crude oil prices began trading with a dip this week but remain significantly elevated as hostilities between Yemen’s Houthis and Saudi Arabia, as well as Iranian attacks on tankers in the Persian Gulf, continue.
At the time of writing, Brent crude was trading at $114.42 per barrel, down from over $116 per barrel last week but up from around $60 per barrel at the end of 2025.
West Texas Intermediate remained above $100 per barrel, despite the dip from Friday’s close, trading at $100.97 per barrel at the time of writing, down from a 2026 high of over $112 in April, but up from less than $60 per barrel at the end of December last year.
The trend on the futures market appears to be a series of climbs, interspersed with declines, where the declines tend to be a lot more moderate than the climbs. It is a concerning trend if it extends in time, even though physical oil prices have declined from highs reached earlier in the year in the past couple of weeks.
Meanwhile, data has emerged showing a record number of tanker attacks in the Strait of Hormuz so far this month, while the Yemeni Houthis continue to attack Saudi infrastructure, including oil facilities. The latest attacks took place over the weekend, targeting oil facilities and an airport.
At least 28 vessels were attacked in Hormuz this month, the data, coming from the UK Maritime Trade Operations and the International Maritime Organization, showed, as reported by Reuters at the end of last week. The actual number is likely much higher since not all attacks get reported. Of these attacks, at least 11 targeted supertankers and damaged them. This is problematic in a world with tightening supply of very large crude carriers.
By Irina Slav for Oilprice.com
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