Houthi rebels attack Saudi oil tankers, sending Brent crude past $100 and testing Bitcoin’s safe-haven narrative

Houthi rebels claimed responsibility for striking two Saudi oil tankers in the Red Sea on July 22, marking the first direct attacks on Saudi oil infrastructure since the dramatic 2019 drone assault that temporarily cut the kingdom’s production in half. Brent crude responded exactly how you’d expect: it surged more than 7%, blowing past $100 per barrel for the first time since those 2019 attacks. The targeted vessels, the Encelia and the Layla, were transiting the Red Sea when they were hit. Houthi military spokesperson Yahya Saree said the tankers were struck for violating a naval embargo. The geopolitical backdrop is getting worse, not better On July 16, Houthi leader Abdul Malik al-Houthi publicly threatened Saudi oil facilities, giving the market about a week’s warning that something ugly might be coming. The attacks followed the breakdown of a four-year truce between the Houthis and Saudi Arabia. The Houthis, an Iran-aligned movement controlling much of northern Yemen, have been locked in a prolonged conflict with the Saudi-led coalition for years. Roughly 4.5 million barrels of oil pass through the Bab el-Mandeb Strait daily, making it a pressure point that can send shockwaves...