On July 24, 2026, global oil prices retreated below the $100 per barrel mark following a sharp spike earlier in the week. By late afternoon, Brent crude for September delivery was trading at approximately $95.88, reflecting a decline of 4.85%, while U.S. West Texas Intermediate (WTI) fell by 4.23% to $88.29 per barrel.

The downward trend was triggered by statements from Houthi rebels in Yemen, who sought to calm market fears by denying intentions to paralyze maritime traffic in the Red Sea. Despite conducting attacks earlier on Thursday, a Houthi spokesperson explicitly stated that there is no plan to close the Bab el-Mandeb strait. The group clarified that their blockade measures are intended to target only Saudi Arabia, rather than international commercial shipping lanes.

Prior to this announcement, market volatility had driven crude prices above $100 per barrel amid concerns regarding potential supply disruptions. The current market reaction suggests a level of stabilization as investors process the Houthi assurances, though the region remains under observation for any further developments regarding security in the maritime corridors.