Global benchmark Brent crude futures prices surged by 7% on Thursday to settle above $100 per barrel following an attack by Yemen's Houthis on two Saudi oil tankers transiting the Red Sea, a move that opens a second major threat to Mideast oil flows alongside the near-paralysis of traffic through the Strait of Hormuz.
Brent Breaks $100 as Signals Point to Deeper Supply Stress
With no end in sight to renewed Mideast hostilities and few shock absorbers left to cope with disruptions, the market is in a precarious place.
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