Oil surged past U$100 a barrel for the first time in two months after Iran-backed Houthi militants said they attacked two Saudi Arabian tankers in the Red Sea, escalating the Middle East conflict and threatening deeper supply disruptions.

The attack opens a new front in the months-long conflict in the region, with the Iran war already snarling traffic through the Strait of Hormuz, the gateway to the Persian Gulf.

Targeting the Red Sea imperils the critical detour route that the Saudis used to keep oil barrels flowing amid the Hormuz disruptions.

The Iran-backed Houthi militant group in Yemen has actively joined the U.S.-Iran war by opening a new maritime front in the Red Sea.

The Houthis officially announced a naval blockade against Saudi Arabia and launched drone and missile strikes targeting Saudi oil tankers, escalating the conflict and threatening global energy supplies.

Following these strikes, the U.S. launched retaliatory airstrikes on Iran, and President Donald Trump formally stated that the United States will hold Tehran directly responsible for any further Houthi attacks.