Oil prices rose above $100 for the first time since May after Yemen's Iran-backed Houthis opened a new front in the Iran war by targeting Saudi vessels in the Bab el-Mandeb Strait.

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.

Oil prices jumped nearly 4% as Houthis prepare to attack the Bab el-Mandeb Strait, threatening Saudi crude exports.

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