Global oil prices climbed above $100 per barrel on Thursday for the first time in nearly two months after escalating attacks on commercial shipping in the Red Sea heightened fears of prolonged supply disruptions across key global energy routes.
Brent crude, the international benchmark, rose to $100.69 per barrel in mid-morning trading, gaining more than seven per cent after touching an intraday high of $101.01.
According to Oilprice.com, US West Texas Intermediate also recorded sharp gains, while the entire Brent forward curve strengthened as traders factored in growing risks to global crude supplies.
The latest rally followed claims by Yemen’s Houthi rebels that they had struck two Saudi oil tankers in the Bab el-Mandeb Strait after announcing a naval blockade of Saudi oil exports earlier this week.
The attacks reportedly forced several commercial vessels to reroute or delay passage through the strategic waterway, threatening Saudi Arabia’s key export corridor used to bypass disruptions in the Strait of Hormuz.
