You are using an outdated browser For a better experience using this site, please upgrade to a modern web browser. Subscribe Get Daily Email Subscribe --> Contact Us Sign in Home News & Features Compliance Costs Bunker Prices Bunker Intelligence World News Latest Features World Americas EMEA Asia/Pacific Home News & Features World Bab el-Mandeb Closure Threat Not Enough To Prevent 1% Dip In Oil Bab el-Mandeb Closure Threat Not Enough To Prevent 1% Dip In Oil by Ship & Bunker News Team Thursday July 16, 2026 Tweet Follow @shipandbunker A former ambassador to Yemen says such an attempt would draw "international anger": File Image/Pixabay Despite Tehran asking the Houthi movement in Yemen to prep for closing the Red Sea to oil transit in retaliation for the continued U.S. bombing of Iran , oil prices on Thursday settled  about 1 percent lower. Brent settled down 72 cents , or about 0.9 percent , to $84.23 per barrel, and West Texas Intermediate settled down 65 cents , or 0.8 percent , at $78.95 per barrel. Ed Hayden-Briffett , oil research analyst for The Officials, explained the dip by remarking, "Investor positioning in the oil market was very short when the situation started to worsen in the Middle East this week, and that seems to have slowed as investors that got burnt in the rally cut their short positions earlier in the week." “ WTI could still rise to $85–$87 depending on how the conflict develops Hiroyuki Kikukawa, Nissan Securities Investment Analysts worried over the prospect of another waterway being blocked (the Houthis will supposedly shut the Bab el-Mandeb gateway if the U.S. bombs Iranian power infrastructure): “This threat raises the serious risk of both of the Middle East's primary oil export routes being disrupted at the same time," said Alex Hodes , director of energy market strategy at StoneX . Wael Makarem, financial markets strategist lead at Exness , agreed, adding that blocking ⁠Bab el-Mandeb “would significantly amplify supply