Brent crude rises above $83 amid Houthi attacks

• Oil prices rose as renewed Houthi attacks on Saudi Arabia and uncertainty around Strait of Hormuz shipping increased supply concerns.
• Brent climbed 1.03% to $83.34 per barrel, while WTI rose 0.67% to $77.81 in Friday trading.
• Iran is reviewing proposed restrictions on ships deemed hostile, including possible fines of up to 20% of cargo value and transit fees of 5%–7%.

Brent crude futures rose as renewed Middle East tensions followed a Houthi attack that injured 11 civilians in Saudi Arabia’s Najran region.

Oil prices had fallen earlier in the week on hopes for a Hormuz agreement before both benchmarks gained more than $3 per barrel on Thursday.

Saudi military officials said the Najran attack injured 11 civilians, including a four-year-old child, while the Houthis separately reported attacks on Saudi-backed forces in Yemen.

Iranian lawmakers are reviewing a proposal to bar U.S., Israeli and other ships deemed hostile, with penalties reaching 20% of cargo value and proposed transit fees of 5%–7%.

Following the reports, Brent crude futures were up 1.03% at $83.34 per barrel, while West Texas Intermediate futures rose 0.67% to $77.81.

Roughly one-fifth of global oil and liquefied natural gas normally passed through the Strait of Hormuz before the regional war began in February.

The latest tensions follow major Houthi attacks in Marib and Hadramout, where officials said at least 30 Yemeni government troops were killed during the escalation.