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NEW YORK: Oil prices topped $100 on Thursday, their highest levels in nearly two months, after Yemen’s Houthis said they had attacked two Saudi oil tankers in the Red Sea, causing further global supply disruptions following a near-halt in trade through the Strait of Hormuz.
Brent futures rose $6.59, or 7 per cent, to $100.66 a barrel at 12:58pm ET (1658 GMT), exceeding $100 for the first time since late May. The global crude oil benchmark has risen nearly 40pc this month.
US West Texas Intermediate crude rose $5.45, or 6.3pc, to $92.28, trading above $90 for the first time since June 11. Both contracts were up for the fifth straight day.
“The (Saudi tankers) attack has sent world crude oil prices higher and into a higher gear as the ramifications of yet another chokepoint for crude oil trade originating from the Middle East is constricting trade,” said Tim Snyder, chief economist at Matador Economics.
