Oil prices surged past $100 a barrel on Thursday as Iran-backed Houthi rebels targeted Red Sea shipping as threats by US President Donald Trump to strike them in return sent equity markets slumping. The international benchmark Brent North Sea oil contract soared seven percent to over the symbolic $100 a barrel level, as the attacks potentially opened a new front in the Middle East war and Trump threatened the Houthis with "major military punishment."

Oil prices hit a six-week high on Wednesday, with Brent crude racing past ninety-five dollars a barrel. The growing tensions between the U.S. and Iran have sparked fears of supply…

Oil prices hit a six-week high on Wednesday, with Brent crude racing past ninety-five dollars a barrel. The growing tensions between the U.S. and Iran have sparked fears of supply…