Oil prices surged on Thursday, with Brent crude climbing above $107 per barrel and West Texas Intermediate crossing $101, as escalating attacks on tankers and energy infrastructure deepened concerns over a prolonged disruption to global supplies.
Brent crude rose to $107.31 per barrel, extending a rally that has pushed the international benchmark more than 30 percent above its lows in early August.
WTI also moved above the $100 mark, reaching about $101.86 per barrel, as the market reacted to the sharpest escalation in attacks on shipping since the US-Iran war began.
The latest surge marks a dramatic return to triple-digit oil prices after a period of relative calm that had briefly pulled Brent towards the $70 range in early July.
Brent had previously reached a wartime peak of $126.41 per barrel in April before falling as Washington and Tehran temporarily halted attacks and raised hopes of a more lasting agreement. Those hopes have since faded.
