Oil prices jumped more than 6 percent in New York on Thursday as attacks on shipping intensified and traders worried about tighter supplies. Brent crude settled at $107.63 a barrel and West Texas Intermediate at $102.48, both their highest since May 19. Iran-aligned Houthis seized control of Yemen’s port of Mocha, while attacks near the Strait of Hormuz and on Saudi energy facilities raised wider market risks. U.S. crude inventories also fell last week, while OPEC cut its 2026 oil demand growth forecast again.
The sprawling BP refinery is shown on Sept. 8 in Whiting, Indiana. Getty Images via AFP-Yonhap
NEW YORK — Oil prices jumped more than 6 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 among traders about further disruptions to already tight supplies.
Brent crude futures settled up $6.42, or 6.34 percent, at $107.63 a barrel. U.S. oil topped $100 a barrel for the first time since May as West Texas Intermediate crude futures rose $6.43, or 6.69 percent, to $102.48.
Both benchmarks hit their highest since May 19 and recorded their steepest increases in nearly two months.
