Houthi rebels struck two Saudi oil tankers in the Red Sea on July 22, triggering a sharp jump in Brent crude prices to over $100 per barrel for the first time since 2019. The vessels, named Encelia and Layla, were targeted while passing through a critical maritime route, raising fresh concerns about supply disruptions in an already tense region.

Yahya Saree, a military spokesperson for the Houthis, explained that the attacks were in response to the tankers violating a naval blockade. This marks the first direct assault on Saudi oil infrastructure since the 2019 drone attacks that halved the kingdom’s production.

Energy Markets React and Crypto Stays Steady

The recent strikes follow a warning from Houthi leader Abdul Malik al-Houthi on July 16, who threatened Saudi oil facilities amid the collapse of a four-year truce with Saudi Arabia. The Bab el-Mandeb Strait, where about 4.5 million barrels of oil transit daily, remains a strategic bottleneck capable of causing significant market shocks.

Goldman Sachs has already projected oil prices could surpass $120 per barrel if these disruptions persist. However, Bitcoin’s price held steady between $63,000 and $65,000, challenging the notion of crypto as a straightforward safe haven during geopolitical turmoil.

Back in 2025, the US Treasury sanctioned crypto wallets linked to the Houthis, which had received roughly $900 million in USDT stablecoins. This illustrates a persistent challenge: while blockchain technology offers freedom and accessibility, it also enables sanctioned groups to bypass traditional financial controls.

This ongoing tension puts stablecoin issuers like Tether under regulatory scrutiny, especially regarding compliance with Know Your Customer (KYC) rules on large transfers. Should further attacks lead to new sanctions, the pressure on Tether and similar platforms is likely to intensify.

The 2019 Abqaiq attacks caused a rapid 15% oil price spike within a day before calming down in the following weeks. Now, with geopolitical risks mounting, the energy market’s next moves remain unpredictable.