Oil prices climbed above the key psychological level of USD100 per barrel on Thursday as escalating tensions in the Middle East raised concerns over possible disruptions to global energy supplies.
Brent crude, the international benchmark, jumped more than 5% during the day, with the increase reaching around 6% in some trading. The price marked the first time oil had crossed the USD100 threshold since May.
The surge was driven by renewed fears over shipping routes after Yemen’s Iran-backed Houthi movement attacked two Saudi Arabian oil tankers in the Red Sea. The group said it was enforcing a naval blockade targeting the Bab el-Mandeb Strait, one of the world’s major maritime routes for energy shipments.
The attacks added pressure to already tense global markets as the United States continued military strikes against Iran, increasing concerns that the wider conflict could affect oil supplies.
The Red Sea route is particularly important for Saudi Arabia because it provides an alternative pathway for exports that avoids the Strait of Hormuz, another critical energy corridor that has faced growing security risks.
