Brent crude hit $100 after Houthi attacks on Saudi tankers. U.S. energy stocks rose with Exxon, Chevron up 1.6-1.7%. UBS sees slower Middle East recovery keeping oil tight.
Brent crude briefly touched $100 a barrel on Thursday, extending a five-day rally. The move followed attacks on two Saudi oil tankers by Houthi forces in Yemen, who declared a naval blockade on Saudi shipments through the Bab el-Mandeb strait.
UBS analyst Giovanni Staunovo said the production recovery in the Middle East would be slower than the market expects. "This should keep the oil market tight and prices supported," he said.
U.S. energy shares rose in premarket trading. Exxon Mobil gained 1.6%. Chevron rose 1.7%. ConocoPhillips and Occidental Petroleum each climbed more than 2%. Refiners Valero Energy, Marathon Petroleum and Phillips 66 also rose between 2.1% and 2.6%.
Before the latest escalation, a Reuters poll in June showed analysts had cut their 2026 oil price forecasts for the first time since the Iran war began. The sector has swung with conflict developments, surging on supply disruption fears then pulling back after temporary peace agreements.
Among the gainers, Exxon Mobil (Alpha Score 55) and Chevron (Alpha Score 54) both rose, while ConocoPhillips (Alpha Score 56) outperformed. For more on energy markets, see the crude oil profile and commodities analysis.
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