Houthi Strikes Cause Oil To Breach $100 As Trump Warns Of "Massive Attack" Against Iranby Ship & Bunker News TeamCroft thinks oil could exceed $146 per barrel if a full-out regional war develops: File Image/Pixabay. With the U.S./Iran hostilities now firmly expanded to include Yemen’s Houthi militia attempting to strangle Saudia Arabia oil exports from the Red Sea, oil prices on Thursday surged more than 6 percent to breach $100 per barrel for the first time in two months – and fears were kindled that $120 per barrel could soon be reached. Susannah Streeter, chief investment strategist at Wealth Club, said, “With both the Strait of Hormuz and the Red Sea now under increasing pressure, markets are bracing for the possibility that the conflict could disrupt key energy routes [and] keep oil prices elevated.” Goldman Sachs analysts agreed, saying oil prices would likely retain most of their recent gains through July and August as global inventories continue to decline, supported by lower Middle East production, summer travel demand and a slowdown in strategic petroleum reserve releases. The EIA also disclosed that the Midwest and Rocky Mountains regions, PADD2 and PADD4, respectively, were at 100 percent utilization as of last week.