Brent Crude Hits $100 Barrier Amid Red Sea Shipping Tensions

The price of Brent crude oil has reached a new milestone, briefly surpassing $100 per barrel on Thursday following reports of attacks on Saudi oil tankers in the Red Sea.

The attacks, allegedly carried out by Yemen's Houthi movement, targeted two Saudi vessels, the Incilia and the Layla, which had violated a blockade announced earlier this week by the group on Saudi ports. The claims have not been independently verified.

As a result of the rising tensions in the region, market analysts say concerns over the security of the Bab al-Mandab Strait have added to upward pressure on oil prices. West Texas Intermediate (WTI), the US benchmark, also rose 4.68% to $90.89 per barrel.