Conflict Timeline

Oil prices rose on Thursday, with Brent crude increasing more than 5% to nearly $99 per barrel—its highest since June 3—and U.S. crude rising more than 4% to almost $91 per barrel, its highest since June 11. The increases followed claims by Houthi rebels of attacks on two Saudi oil tankers in the Red Sea and an announced naval blockade.

Global benchmarks have climbed about 35% since the start of the month amid concerns over shipping routes including the Bab el-Mandeb Strait.