O il prices climbed more than 1% on Tuesday, with Brent going above $90 per barrel once again, after Yemen’s Houthi rebels warned shipping companies to avoid Saudi Arabia’s ports. The rebel group sent an email to multiple shipping firms, urging them not to load or discharge cargo at any Saudi ports. “We strongly recommend that your company exercise due diligence and the utmost care in all its dealings. Any such activity would expose the violating vessels to sanctions,” the Iran-backed Houthis said in the email, stressing that ships would become “subject to targeting in any location.” The warning was sent on Monday, when the organization announced a maritime embargo on Saudi Arabia.
Brent for deliveries in September rose 1.18% to sell for $90.24 per barrel at 8:12 am ET. At the same time, West Texas Intermediate (WTI) for the same month’s settlements jumped 1.28% to sell for $83.44 per barrel.