A commercial vessel is seen off Yemen's Hanish Island in the Red Sea. Tensions remain high in the waterway as Houthi rebels threaten to attack Saudi-linked ships. AFPShow caption: A commercial vessel is seen off Yemen's Hanish Island in the…Crude continues to seesaw amid simmering tensions and uncertain negotiations
Brent crude surged back above $80 a barrel after Houthi rebels struck the Saudi oil tanker Wafa with ballistic missiles in the northern Red Sea.
Brent rose 1.49 per cent at $80.54 a barrel at 5.12pm UAE time, while West Texas Intermediate added nearly 1 per cent to $76.46.
The Strait of Hormuz continues to be a sticking point, as tensions remain high in the key chokepoint for energy exports from the Middle East.
Analysts at Asas Capital said escalation risks "a genuine supply shock", warning that a fifth of global oil supply transits the Strait of Hormuz.
