Oil climbs 2% as Houthis hit 2nd Greek vessel in Red Sea

A Greek-operated bulk carrier was attacked in the Red Sea on Monday in the second Houthi strike on commercial shipping in less than 24 hours, stoking fears of a renewed escalation in one of the world’s most critical oil transit corridors, Arab and Israel media report.

The Eternity C, a Liberia-flagged vessel managed by Athens-based Cosmoship, was hit off Yemen’s Hodeidah coast using a combination of sea drones, rocket-propelled grenades, and small arms. Two seafarers were seriously injured and two more are missing, according to shipping intelligence sources cited by media. The vessel was reportedly en route to Iran with a cargo of steel.

The attack follows Sunday’s strike on the Magic Seas, another Greek-managed bulk carrier. Houthi militants claim the Magic Seas has sunk. That vessel was hit southwest of Hodeidah and its crew abandoned ship before rescue. Both ships are Liberia-flagged, and neither was carrying Israeli cargo, according to tracking data.

Shortly after the second attack, on Monday at 3:31 p.m. ET, Brent crude was trading up 2.08% at $69.72, while WTI was trading up 2.39% at $68.09. 

Insurance premiums for vessels crossing the Bab el-Mandeb strait have already increased, with underwriters signaling more exclusions are likely in coming days.

The renewed Red Sea volatility comes as Axios reports that Israeli officials believe Donald Trump would authorize pre-emptive military action against Iran’s nuclear program if he returns to office. Israeli Prime Minister Benjamin Netanyahu is expected to raise the issue during a closed-door dinner with Trump this week. Tehran has restarted centrifuge operations at key enrichment sites, setting off fresh alarm in Tel Aviv.