Oil surges 6%, Brent and US crude both surpass $100 on more tanker attacks
NEW YORK — Oil prices jumped more than 6 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 among traders about further disruptions to already tight supplies. Brent crude futures settled up $6.42, or 6.34 percent, at $107.63 a barrel. U.S. oil topped $100 a barrel for the first time since…
Oil prices surged over 6 percent on Thursday, with major benchmarks Brent crude and U.S. crude both surpassing $100 a barrel. The significant jump in oil prices came as a result of a rise in attacks on shipping, fueled by concerns about further supply disruptions amid the ongoing Iran war. Brent crude futures increased $6.42, or 6.34 percent, to $107.63 a barrel, while U.S. oil prices topped $100 a barrel for the first time since May, with West Texas Intermediate crude futures rising $6.43, or 6.69 percent, to $102.48.
Both benchmarks reached their highest levels since May 19 and marked their steepest increases in nearly two months. Iran-aligned Houthis gained control of Yemen's port of Mocha on Thursday, adding to the risks for Red Sea traffic. Additionally, Gulf traffic remains restricted as tanker attacks in the region have intensified in recent days.
Simon-Peter Massabni, head of business development at XS.com, noted that the threat is now not confined to a single choke point.
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.
