Houthi Attack Reverses Oil Price Trend
Oil prices rebounded during Wednesday's trading (Aug 5) after reports of a Houthi attack on a Saudi oil tanker in the Red Sea reignited supply concerns. Brent crude rose by approximately US$1.07 to US$80.43 per barrel, while WTI gained US$0.45 to reach US$76.22, following a drop of over 5% for both benchmarks in the previous session.
The Houthi group claimed to have launched a missile attack on a Saudi oil tanker near Yanbu, a key energy port on the Red Sea coast. However, the timing of the attack remains unspecified, and the Saudi government has not yet officially confirmed the claim.
Gains in oil prices remain capped by hopes for an interim agreement between the US, Iran, and Oman to reopen the Strait of Hormuz. Washington reportedly aims to announce a deal on Wednesday, though Iran insists that a resolution could be delayed as long as the threat of US military action persists.
Shipping risks remain high, as vessel traffic through Hormuz and Bab el-Mandeb remains well below pre-conflict levels. Attacks on ships in these two corridors suggest that a Hormuz agreement alone would be insufficient to restore supplies if disruptions in the Red Sea continue.
From the United States, API data indicates a rise in crude oil inventories of approximately 2.69 million barrels, contrasting with forecasts of a 2-million-barrel decline. The market is now awaiting the official EIA report to confirm whether the stock build-up could once again exert downward pressure on oil prices.
Newsmaker Analysis: Oil prices remain caught between two major sentiments. Houthi attacks are driving prices up, while the prospect of reopening Hormuz and rising US inventories are limiting the rally. Brent could test the US$81–US$82 range if the attack is confirmed or shipping disruptions escalate. Conversely, a Hormuz agreement and EIA data showing rising inventories could push prices back toward the US$79–US$78 range.
Source: Newsmaker.id
