Oil prices hover at six-week high as Middle East shipping risks escalate

The Houthis said they had carried out a military operation targeting two Saudi oil tankers, and maritime security reports said one of the vessels identified by the group, the Saudi-flagged tanker Encelia, had been hit in the Red Sea.

The Houthis said they had forced about 10 ships to retreat and return after warning vessels against sailing to Saudi ports.

Reuters could not immediately verify this account.

The Houthis' naval blockade of Saudi Arabia in the Red Sea threatens to disrupt global energy supplies beyond the Gulf, while Iran's Revolutionary Guards' spokesperson also warned shipping companies that the Strait of Hormuz southern route is mined in a post on X.

The new threat to Red Sea passage could interrupt up to 5 million barrels per day of oil supply, and the main route for Gulf oil that bypasses the Strait of Hormuz, said Saul Kavonic, the head of energy research at MST Marquee.