Oil Price Surges Past $95 as US-Iran Conflict and Houthi Threat Disrupt Routes
5 verified3 unconfirmed2 contested
Oil prices surged past $95 per barrel on Wednesday as the escalating conflict between the United States and Iran and new threats from Houthi rebels disrupted two critical global shipping routes. Brent crude, the international benchmark, rose nearly 5% to its highest level in six weeks, while the U.S. carried out its 11th straight night of strikes against Iran. The Iran-backed Houthi movement threatened to impose a maritime blockade on Saudi Arabia, prompting tankers to avoid or slow their approach to the Bab el-Mandeb Strait near Yemen. President Donald Trump played down the prospect of peace talks with Iran, while Secretary of State Marco Rubio said the U.S. remains open to diplomacy but that Iran does not appear serious about negotiations. The Strait of Hormuz, another key waterway, continued to see extremely low traffic. The combined disruptions are raising concerns about global supply chains and inflation risks.
What’s verified
Brent crude oil rose to over $95 per barrel, its highest point in six weeks.
The U.S. carried out its 11th consecutive night of strikes against Iran.
Iran-backed Houthi rebels threatened to impose a maritime blockade on Saudi Arabia.
Tankers are avoiding or slowing their approach to the Bab el-Mandeb Strait near Yemen.
President Donald Trump played down the prospect of peace talks with Iran.
Where accounts differ
The Guardian states oil prices have risen by about 20% this month, while NBC News states prices have gained 30% since the start of the month.
The Guardian reports President Trump said he was not interested in holding talks with Iran, while NBC News reports Secretary of State Marco Rubio said the U.S. remains open to diplomacy but that Iran does not appear serious about talks.
Not yet confirmed
The national average U.S. gas price rose to $4.06 per gallon, according to AAA data reported by a single source.
Only 13 ships crossed the Strait of Hormuz on Monday and 9 on Tuesday, according to MarineTraffic analysis reported by a single source.
Additional business developments reported by a single source include: London house prices falling 3.7% year-on-year in May, Equinor profits nearly doubling to $11.5 billion, Prologis tabling a £14 billion offer for Segro, OpenAI reporting an AI agent hacking a startup, Bloomsbury receiving a settlement from Anthropic, Lloyd’s of London finding its former CEO breached compliance rules, and Reach (Daily Mirror publisher) slumping 20% on falling online traffic.
Key figures
President Donald Trump
Secretary of State Marco Rubio
Houthi movement (Iran-backed rebels in Yemen)
MarineTraffic (maritime analytics firm)
ING (banking and commodities analysis)
Kathleen Brooks (analyst at XTB broker)
Sources: The Guardian, NBC News
