Oil prices rise to five-week high on US-Iran attacks, Houthi blockade threat

"The rally is not necessarily about lost barrels today, but rather the market assigning a higher probability that logistics remain unstable through the week, especially if Saudi exports to Asia or Red Sea transit face additional disruption," analysts at consulting firm Gelber & Associates said in a note.

Two oil tankers carrying Saudi crude to Asia reversed course in the Red Sea on Tuesday after threats from the Iran-aligned Houthis. U.S. forces bombed targets in the south and west of Iran overnight; Tehran targeted U.S. sites in Bahrain, Kuwait and Jordan and at least one tanker was hit in the Strait of Hormuz.

The Houthis announced a naval blockade on Saudi Arabia on Monday, expanding the conflict and raising the threat to global energy supplies and trade beyond the Gulf.

The two tankers, which loaded Saudi crude bound for China and India this week, made U-turns and were headed toward the Suez, shipping data on LSEG showed. However, sources said Saudi Arabia's Red Sea port of Yanbu was operating normally.