Oil Hits $100 After Houthi Attack On Saudi Tankers Worsens Oil Supply Disruption

LOADINGERROR LOADINGJuly 23 (Reuters) - Oil prices hit their highest in nearly two months on Thursday, rising for a fifth day after Yemen’s Houthis said they struck two Saudi oil tankers, widening disruption to global oil shipping through both the Red Sea and the Strait of Hormuz.Brent crude futures LCOc1 were up by $5.83, or 6.2%, at $99.90 a barrel by 1310 GMT after reaching $100 a barrel for the first time since late May.Advertisement U.S.West Texas Intermediate crude CLc1 rose $4.41, or 5.08%, to $91.24, exceeding $90 a barrel for the first time since June 11.“The immediate outlook for crude oil remains supportive as markets price a worrying probability of supply interruptions in a second chokepoint,” said Pepperstone research strategist Ahmad Assiri.Besides the renewed conflict over control of the Strait of Hormuz, Yemen’s Houthis have opened a new front by targeting vessels carrying Saudi oil in the Bab el-Mandeb strait after stating they would impose a naval blockade on shipments from Saudi Arabia.Advertisement Oil prices hit their highest in more than a month on Thursday, rising for a fifth day after Yemen’s Houthis said they struck two Saudi oil tankers, raising fears that disruption to global oil supplies could spread beyond the Strait of Hormuz.Amirhosein Khorgooi/ISNA via APHouthi militia attacked two Saudi Arabian oil tankers in a military operation, the group said on Thursday, with a Saudi news agency later confirming one of the two vessels was ablaze after an assault while sailing in the Red Sea.Goldman Sachs said Brent might exceed $120 a barrel in the fourth quarter and average $100 next year if the Strait of Hormuz remains disrupted through 2027, with further upside if the Bab el-Mandeb strait and Suez Canal also suffer persistent disruption.Advertisement Iran’s Revolutionary Guards said an oil tanker caught fire after an explosion while attempting to follow a mined route in the southern area of the Str...