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.

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.

Brent crude surged above $100 a barrel after Houthi rebels claimed attacks on Saudi oil tankers in the Red Sea, escalating supply concerns. Rising crude prices intensified…