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, with both major benchmarks surpassing the $100 mark per barrel. Brent crude futures climbed $5.39, or 5.33 percent, reaching $106.60 a barrel. West Texas Intermediate crude futures also crossed the $100 threshold for the first time since May, as West Texas Intermediate crude futures surged $5.16, or 5.37 percent, to $101.21 a barrel.
The rise in oil prices comes amid increased attacks on shipping since the start of the Iran war, raising concerns about potential further disruptions to already scarce supplies. Brent prices have climbed more than 30 percent since touching lows in early August, as a permanent deal between the U.S. and Iran to halt attacks failed to materialize, and hostilities resumed.
In a troubling development, Iran-aligned Houthis seized control of Yemen's port of Mocha on Thursday, potentially increasing the threat to Red Sea traffic. Meanwhile, Gulf traffic remains limited through the Strait of Hormuz as attacks in the region have intensified recently. Simon-Peter Massabni, the head of the relevant organization, emphasized that attacks from Yemen on Saudi energy facilities introduce a new source of market risk, amplifying concerns beyond Iran and the Strait of Hormuz.
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.
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