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Commodities

Brent Crude Breaks $100 Barrier as Middle East Tensions Soar

Guavy AI Editorial Team
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Crude oil prices surged on Thursday as tensions in the Middle East escalated. West Texas Intermediate (WTI) jumped 6.2% to $92.19 per barrel, while Brent crude climbed 7% to $100.69.

The price increase was driven by concerns over global supply routes, particularly after Houthi forces in Yemen claimed attacks on two Saudi oil tankers in the Red Sea and announced restrictions on Saudi shipments.

Traders added a larger risk premium as tanker traffic slowed and shipping companies faced higher insurance, security, and rerouting costs. The increase has now pushed Brent above $100 for the first time since May.

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