Oil approaches $100 after Houthis strike Saudi tankers in Red Sea

The Iran-backed rebels said they had targeted two Saudi tankers, the Encelia and the Layla.

Jack Dutton

Jul 23, 2026

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The Houthi rebels in Yemen said on Thursday that they had struck two Saudi Arabian oil tankers in the Red Sea, as oil prices approached $100 a barrel amid a new front opening in the Middle East conflict approaching its fifth month.

Meanwhile, late on Wednesday the US military announced that it had completed its twelfth consecutive night of strikes on Iran.

What happened: In a Thursday statement on the Houthi-run Al-Masirah TV, the Iran-backed group said it had targeted the Saudi oil tankers Encelia and Layla with drones and missiles for allegedly violating the maritime blockade against Saudi Red Sea ports that it had imposed on Monday.

The state-run Saudi Press Agency (SPA) on Thursday confirmed a strike on the Encelia as it traversed the Red Sea, resulting in a fire at the bow of the vessel. All........

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