Oil prices in the US and Brent surged by over $1 amid news that the Houthi rebels plan to impose a naval blockade on Saudi Arabia.

BlockBeats News, July 20th, according to Bitget market data, both WTI and Brent oil prices rose by over $1 in a short period. They are now trading at $81.98 per barrel and $86.80 per barrel, respectively.

On the news front, the Houthi armed forces stated that they would impose a naval blockade on Saudi Arabia on Monday.