Brent Futures Top $105 Per Barrel As Houthis Seize Strategic Red Sea Port — OPEC Cuts 2026 Demand Outlook

According to a Reuters report, the move gives the group greater leverage near the Bab el-Mandeb Strait, a crucial route connecting the Red Sea with the Gulf of Aden.

• U.S. West Texas Intermediate crude futures climbed over 4.3% to more than $100 per barrel for the first time since May.
• OPEC on Thursday cut its full-year 2026 global oil-demand growth forecast to 380,000 barrels per day, marking its fifth straight downgrade.
• According to a Bloomberg report, Saudi Arabia told OPEC that its crude production fell to the lowest level since 1990.

Brent crude futures jumped on Thursday as escalating attacks around key Middle East shipping routes raised fears of further disruptions to global oil supplies.

At the time of writing, Brent futures for November maturity were up 4% at $105.3 per barrel, while U.S. West Texas Intermediate (WTI) crude futures expiring in October 2026 climbed more than 4.3% to more than $100 per barrel for the first time since May.

Brent has gained more than 45% since the U.S.-Israeli strikes first hit Iran on February 28.

Houthis Add Another Shipping Risk

Supply concerns intensified after Yemen-based Houthis seized the country’s strategic port of Mocha on Thursday, according to a Reuters report. The move gives the group greater leverage near the Bab el-Mandeb Strait, a crucial route connecting the Red Sea with the Gulf of Aden.

The route has become particularly important for Saudi oil shipments since the conflict with Iran disrupted traffic through the Strait of Hormuz. A serious disruption at Bab el-Mandeb could put two major Middle Eastern energy routes under pressure.

Meanwhile, the U.S.-Iran war continued to escalate, with Iran reportedly attacking 10 ships near the Strait of Hormuz on Wednesday after the U.S. struck five Iranian oil tankers. Traffic through Hormuz, which carried roughly a fifth of global oil supplies before the war, remains heavily disrupted.

OPEC Cuts Demand Forecast Again

Despite supply concerns, OPEC on Thursday cut its full-year 2026 global oil demand growth forecast to 380,000 barrels per day, marking its fifth straight downgrade. 

According to a Bloomberg report, Saudi Arabia told OPEC that its crude production fell again last month to its lowest level since 1990, as the Middle East conflict continued to disrupt the kingdom’s export routes.

USO, UCO In Spotlight

Oil-linked ETFs also benefited sharply from the rally. The United States Oil Fund (USO), which tracks WTI futures, gained 3.3%, while the ProShares Ultra Bloomberg Crude Oil ETF (UCO) rose 2.8%.

Retail sentiment surrounding USO on Stocktwits turned ‘neutral’ from ‘bearish’ over the past 24 hours, while sentiment for UCO remained ‘bullish.’

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