Brent crude futures extended gains for a fifth straight session, crossing the triple-digit mark for the first time since May 26, 2026.

  • Yemen-based Houthi militants said they had struck two Saudi oil tankers in the Red Sea using missiles and drones, according to a Bloomberg report.
  • Trump responded by stating that he would hold Iran responsible if the Houthis carried out attacks in the shipping lane again.
  • West Texas crude contracts expiring in September were up around 5% at more than $91 a barrel.

Shares of oil producers, including Battalion Oil (BATL), Exxon Mobil (XOM), and Chevron (CVX), along with major energy exchange-traded funds, climbed in early trading on Thursday as crude prices rallied to their highest levels in more than a month.

Brent crude extended gains for a fifth straight session after Yemen-based Houthi militants said they had struck two Saudi oil tankers in the Red Sea using missiles and drones, according to a Bloomberg report on Thursday.

The attack heightened concerns that disruptions to global energy supplies could spread beyond the strategically important Strait of Hormuz.

Brent Futures Surge Over 6%

At the time of writing, Brent futures for September 2026 deliveries surged more than 6% to $100.46 per barrel while West Texas Intermediate (WTI) contracts expiring in September traded 5.4% higher at $91.48 a barrel.

Brent futures crossed the triple-digit mark for the first time since May 26, 2026. 

“The immediate ​outlook for crude oil remains supportive as markets price a worrying probability of supply interruptions in ⁠a second chokepoint,” Pepperstone research strategist Ahmad Assiri told Reuters on Thursday.

Trump Threatens Iran With ‘Major Military Punishment’

In response to the Houthi strikes, U.S. President Donald Trump warned that Iran would face significant military consequences.

“Please let this TRUTH serve to represent that if they do this again, the U.S. will hold Iran responsible, in that the Houthis are a Surrogate and/or Proxy of Iran, and major military punishment will be inflicted upon Iran and, of course, the Houthis, themselves, who I am very disappointed with in that they have, until now, acted very professionally and smart,” Trump said in a Truth Social post on Thursday.

Oil Majors Gain

Shares of oil majors Chevron (CVX) and Exxon (XOM) climbed over 2% each, Occidental Petroleum Corp (OXY) gained 1.9%, while Battalion Oil (BATL) surged over 9%.

Meanwhile, retail sentiment for major ETFs tracking oil, including ProShares Ultra Bloomberg Crude Oil (UCO) and United States Oil Fund (USO), trended in the ‘bullish’ territory over the past 24 hours.

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