Brent Oil Futures Rise 4.6% to $97.38 a Barrel as Houthi Militants Say They Fired Missiles at Jaffa, Ban Israeli Navigation in Red Sea

Houthi militants said they launched a volley of missiles targeting sensitive sites in Israel’s Jaffa area and announced an immediate, comprehensive ban on Israeli navigation in the Red Sea.

Brent oil futures rose 4.61% to $97.38 a barrel; WTI crude oil futures up 4.33% to $94.46 a barrel.

The group said it will treat any Israeli movement in the area as a military target and pledged to escalate its military response in step with developments and in coordination with the resistance axis in Iran, Lebanon, Iraq, Palestine and Yemen. The statement framed the action as retaliation against U.S. and Zionist aggression and as a measure to break what it called an oppressive blockade.