Oil surges 6%; Brent and US crude both surpass $100 on more tanker attacks
Oil prices jumped 6% 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 ...
Oil prices soared by 6% on Thursday as a surge in attacks on tankers and oil facilities heightened concerns about potential supply disruptions. Brent crude futures reached a fresh high of $107.08 a barrel, up $5.87, or 5.8%, while US crude surpassed $100 a barrel for the first time since May, up $5.57, or 5.8%. The escalation in attacks marked a permanent shift from a period of relative calm, with no definitive resolution to the Iran conflict in sight.
Iran-aligned Houthis seized control of Yemen's Mocha port, adding to the risks for Red Sea traffic, and Gulf routes remained restricted due to attacks in the Strait of Hormuz. US President Donald Trump hinted at targeting Iran's nuclear facility at Pickaxe Mountain, potentially prolonging the conflict beyond the November elections.
Analysts noted that persistent disruption risk would depend on China's continued robust demand for crude oil, with potential price gains if imports recover. However, a decline in Chinese purchases could dampen the rally. US crude inventories fell 391,000 barrels last week, surpassing expectations, while OPEC reduced its forecast for global oil demand growth in 2026 to 380,000 barrels per day, marking five consecutive downward revisions.
Written by urgent.news from Gulf Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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