Oil surges 5%, Brent and US crude both over $100 on more tanker attacks
NEW YORK — Oil prices jumped 5 percent 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 about further disruptions to already tight supplies. Brent crude futures were up $5.39, or 5.33 percent, at $106.60 a barrel by 11:49 a.m. ET (1549 GMT). U.S. oil topped $100 a barrel for the first time since…
Oil prices surged by 5 percent on Thursday, reaching over $100 a barrel as major benchmarks and both Brent and US crude traded above $100 per barrel. The significant jump in attacks on shipping since the start of the Iran war led to heightened concerns about potential further disruptions to limited oil supplies. Brent crude futures experienced a $5.39 increase, or 5.33 percent, bringing the price to $106.60 a barrel by 11:49 a.m. ET.
US oil prices surpassed the $100 mark for the first time since May, with West Texas Intermediate crude futures rising $5.16, or 5.37 percent, to $101.21. The surge in Brent prices has surpassed 30 percent from their early August lows due to the lack of a permanent agreement between the U.S. and Iran to cease attacks. Iran-aligned Houthis took control of Yemen's port of Mocha on Thursday, raising additional concerns about potential threats to Red Sea traffic.
Meanwhile, Gulf traffic remains restricted through the Strait of Hormuz as attacks from Yemen on Saudi energy facilities have introduced new market risks, expanding worries beyond Iran and the Strait of Hormuz, according to Simon-Peter Massabni, the head of the relevant organization.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
