Oil Surges Above $100 as Middle East Tensions Rattle Energy Markets

Source: Bloomberg

Oil Surges Above $100 as Middle East Tensions Rattle Energy Markets

Oil prices climbed above $100 a barrel on Thursday as mounting concerns over oil shipments through the Strait of Hormuz and the Bab el-Mandeb, along with fears of attacks on energy infrastructure across the Middle East, heightened worries about global supply.

The international benchmark Brent crude traded at $100.17 per barrel at 4:16 p.m. local time (1316 GMT), marking an increase of about 6.5% from its previous closing price of $94.07, The Caspian Post reports, citing Anadolu Agency.

Meanwhile, US benchmark West Texas Intermediate (WTI) rose to $91.54 per barrel, up approximately 5.46% from its previous close of $86.80.

Brent crude futures also reached their highest level since May 27.

The latest surge came after fresh warnings from both Washington and Tehran, alongside reports of attacks on Saudi oil tankers and an explosion involving a vessel in the Strait of Hormuz.

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Oil Surges Above $100 as Middle East Tensions Rattle Energy Markets

Oil prices climbed above $100 a barrel on Thursday as mounting concerns over oil shipments through the Strait of Hormuz and the Bab el-Mandeb, along with fears of attacks on energy infrastructure across the Middle East, heightened worries about global supply.