Brent crude rises above $100 as Middle East conflict intensifies
Oil prices climbed sharply on Thursday after attacks in the Middle East raised fears over supply routes and tanker traffic.
Brent crude moved above $100 a barrel on Thursday for the first time since May, as traders reacted to worsening conflict in the Middle East and fresh threats to shipping lanes. The benchmark rose by more than 5% during the session.
Market concern centred on the risk to oil flows through key chokepoints, with attacks linked to Yemen and Iran adding pressure to an already tense region. Reuters reported that vessels carrying Saudi oil were trying to leave the Red Sea through the Bab el-Mandeb strait even as one Saudi ship came under attack.
The Guardian said two Chinese supertankers carrying about 4 million barrels of Saudi crude were also heading out of the Red Sea on Thursday. Their passage would test how far the Houthis intend to enforce the blockade they announced earlier in the week.
The latest move in prices follows a period of heightened volatility in energy markets as the conflict spreads across the region and traders weigh the risk of further disruption to global supply.
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