Houthi Strike on Saudi Tanker Sends Oil Past $98; Crypto Slides

Bitcoin and XRP both declined on the escalation, slipping roughly 2% and 3% respectively during the session. The move extended a broader risk-off shift as equities also fell. Traders cited the oil price jump and the potential for sustained disruption to shipping lanes as reasons for the pullback in crypto markets. The Bitcoin (BTC) profile showed the token trading near $29,500, down from an intraday high of $30,200.

The attacks hit roughly 70 to 130 kilometers off the Saudi coast, in the corridor approaching the Bab el-Mandeb Strait. That chokepoint handles about 10% of global seaborne oil trade. Shipping analysts said the declared blockade, combined with the strikes, signaled a shift from opportunistic attacks to a sustained campaign. Tanker operators were already diverting vessels before the missiles flew, and insurers began reviewing premiums for Red Sea transits.

Brent crude remained above $98 late in the session, with traders watching for further Houthi actions or a US military response.