Oil prices jumped 5 percent in New York on Thursday, with Brent crude and U.S. crude both trading above $100 a barrel as tanker attacks in the region intensified. The rally came amid fears of further disruptions to tight supplies, renewed fighting tied to the Iran war, and warnings over Red Sea and Strait of Hormuz shipping. Analysts said the durability of the surge may depend on Chinese crude demand and OPEC cut its 2026 oil demand growth forecast. Iran and the U.S. also traded attacks on tankers and facilities, deepening market risk.
The sprawling BP refinery is shown on Sept. 8 in Whiting, Indiana. Getty Images via AFP-Yonhap
NEW YORK — Oil prices jumped 5 percent on Thursday, with both major benchmarks trading at over $100 a barrel as the biggest spike in attacks on shipping since the Iran war began fed worries about further disruptions to already tight supplies.
Brent crude futures were up $5.39, or 5.33 percent, at $106.60 a barrel by 11:49 a.m. ET (1549 GMT). U.S. oil topped $100 a barrel for the first time since May as West Texas Intermediate crude futures rose $5.16, or 5.37 percent, to $101.21.
Brent prices have surged by more than 30 percent from lows touched in early August as a permanent agreement between the U.S. and Iran to cease attacks never materialized and fighting resumed.
