The attack on ships in the Red Sea threatened to expand the conflict and severely impact global oil supplies already hobbled by the blockade of the Strait of Hormuz.

Houthi threats, Iranian strikes and a Hormuz standstill send oil surging as the US-Iran conflict enters its 10th day.

Houthi attacks are expanding the Middle East conflict into the Red Sea, forcing tankers to reroute and pushing Brent above $91 amid growing fears of prolonged supply disruptions.

Crude oil futures traded higher on Thursday morning following reports of attacks by the Iran-backed Houthis on ships in the Red Sea.