Brent crude reached $105.65 per barrel today, climbing from $102 at the start of the week. In contrast, West Texas Intermediate retreated to $93.11, down from its Monday opening of $98. The upward pressure on Brent stems largely from the escalating conflict in Saudi Arabia, where Houthi rebels recently targeted the Yanbu port—a critical Red Sea hub for the kingdom’s oil exports—with a barrage of missiles and drones.

Market stability remains elusive as the U.S. and Iran weigh a potential ceasefire involving the Strait of Hormuz. Iranian President Masoud Pezeshkian signaled that the onus for a resolution rests with Washington, yet analysts remain skeptical of a swift breakthrough. June Goh, a senior analyst at Sparta Commodities, expects prices to hold above $100 per barrel as the global inventory gap widens. KCM Trade’s Tim Waterer noted that while UN-led diplomatic efforts offer a slight hedge, the lack of durable de-escalation ensures an upside bias for oil prices persists for the immediate future.