LONDON: Oil prices surged above $100 a barrel on Thursday after Yemen’s Houthi militia claimed attacks on two oil tankers in the Red Sea, fuelling fears of disruptions to global energy supplies.
Brent crude, the international benchmark, climbed more than 6% in early trading to above $100 per barrel, its highest level since the end of May. The rally marked the first time Brent had crossed the $100 threshold in about eight weeks.
The US benchmark, West Texas Intermediate (WTI), also extended gains for a second consecutive session, rising around 5% to $91.19 per barrel, its highest level since June 11.
The rise followed claims by Yemen’s Houthi movement that it had targeted two oil tankers in the Red Sea, one of the world’s busiest maritime trade routes.
The latest attacks marked the first time since the Iran war began that shipping attacks had spread beyond the Strait of Hormuz.
The Red Sea, particularly the Bab el-Mandeb Strait, is a critical gateway for global energy supplies. Millions of barrels of crude oil pass through the waterway every day en route to international markets.
Trump threatens military action against Houthis
US President Donald Trump on Thursday threatened Yemen’s Houthi militia with “major military punishment”.
“The US will hold Iran responsible, in that the Houthis are a Surrogate and/or Proxy of Iran, and major military punishment will be inflicted upon Iran and, of course, the Houthis themselves” should the militia launch further attacks, Trump said on his Truth Social network.
Also Read: Trump Threatens Yemen’s Houthis with ‘Major Military Punishment’
“A year ago the United States of America attacked, very powerfully, the Houthis, for their interference with commerce and trade, by shooting at ships,” Trump said. “Since that time, and during our conflict with Iran, they have acted very responsibly.”
“Unfortunately, now they are starting up again, shooting at two Saudi Arabian ships last night,” the US President said.
— Rapid Response 47 (@RapidResponse47) July 23, 2026
Pakistan condemns Houthi militia attacks
Prime Minister Shehbaz Sharif on Thursday reaffirmed Pakistan’s unwavering commitment to Saudi Arabia’s security and pledged to work closely with the Kingdom and the international community to safeguard maritime trade through the Red Sea, the Strait of Hormuz and the wider region during a telephone conversation with Saudi Crown Prince and Prime Minister Mohammed bin Salman.
According to the Prime Minister’s Office, PM Sharif assured the Saudi Crown Prince that Pakistan would continue supporting efforts to preserve peace, security and regional stability while ensuring the uninterrupted flow of lawful maritime commerce through some of the world’s most strategically important waterways.
Islamabad : 23 July, 2026.
Prime Minister Muhammad Shehbaz Sharif held a telephone conversation with His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, this morning.
During their most cordial… pic.twitter.com/XlzeKKj4rg— Prime Minister's Office (@PakPMO) July 23, 2026
“The Prime Minister expressed Pakistan’s condemnation, in the strongest possible terms, of the dastardly attacks carried out by the Houthi militia against Saudi oil tankers in the Red Sea,” Prime Minister Sharif office said and added that such actions were totally unacceptable, constitute a clear violation of international law, threaten freedom of navigation and commercial shipping, and undermine regional peace, security, and stability.
The Prime Minister reaffirmed Pakistan’s complete solidarity with Saudi Arabia and stated that he, along with Field Marshal Syed Asim Munir and the entire Pakistani nation, stands firmly and resolutely with the Saudi leadership and brotherly people of the Kingdom at this critical time.
PM Sharif reiterated Pakistan’s unwavering support for the Kingdom’s security, sovereignty, territorial integrity, and prosperity.
During the conversation, Prime Minister Sharif strongly condemned the Houthi militia’s attacks on Saudi oil tankers in the Red Sea, describing them as “totally unacceptable.”
The Prime Minister assured the Saudi Crown Prince that Pakistan would continue to work very closely with the Kingdom, as well as with the international community, in support of peace, security, stability, and the uninterrupted flow of lawful maritime commerce in the Red Sea, Strait of Hormuz and the wider region.
Crown Prince Mohammed bin Salman appreciated Pakistan’s steadfast support and the close fraternal ties between the two countries.
