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 more than 6 percent on Thursday, with both Brent crude and U.S. crude surpassing the $100 per barrel mark. The significant increase in oil prices comes amid heightened concerns over further supply disruptions due to a series of tanker attacks in the region. The attacks, primarily carried out by Iran-aligned Houthis, have intensified in recent days, posing a threat to Red Sea traffic and Gulf trade routes.
Additionally, the seizure of Yemen's port of Mocha by the Houthis could further exacerbate the situation, as it adds a new source of market risk beyond the existing concerns over Iran and the Strait of Hormuz. Simon-Peter Massabni, head of business development at XS.com, highlighted the broader implications of these attacks on global oil supply and market stability.
Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
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