Brent crude oil prices moved back above $80 per barrel on Wednesday after a reported attack on a Saudi vessel in the Red Sea revived concerns over rising tensions in the Middle East.
The global oil benchmark rose to around $80.72 per barrel, gaining 1.71% during the session after two days of losses. Brent has now increased by about 12% over the past month and is trading more than 20% higher than it was at the same time last year.
The increase came after Yemen’s Houthi movement said it had targeted a Saudi vessel in the Red Sea, raising fresh concerns that growing regional tensions could affect global oil supplies.
However, the price recovery was moderated by optimism that a diplomatic agreement could soon allow the reopening of the Strait of Hormuz, a key route through which a significant amount of the world’s oil shipments pass.
Reports indicated that the United States, Iran and Oman were close to reaching a temporary agreement to restore movement through the waterway. U.S. President Donald Trump said talks with Tehran were progressing well, while Qatar said an interim proposal had been prepared.
Investors have been closely monitoring developments around the strait, as any prolonged disruption could tighten global oil supplies and push prices higher. A successful agreement, however, could ease market concerns and limit further price increases.
Saudi Arabia has also been holding talks with Yemen’s Houthi movement through Omani mediators as efforts continue to prevent further escalation in the region.
The oil market remains caught between renewed geopolitical risks and hopes for a diplomatic solution, with traders watching closely for signals that could determine the next direction for crude prices.
