Brent Crude Prices Surge as Middle East Tensions Escalate

Brent crude oil prices surged to $107.98 per barrel on Thursday morning, up by $3.89 from the previous day's close.

The price hike comes amid concerns over supply disruptions in the Middle East, following a series of attacks on vessels and pipelines in the region.

A commercial vessel carrying 14 Indian seafarers was attacked off the coast of Oman on Wednesday, leaving one crew member missing. The incident has added to the upward pressure on Brent prices.

Saudi Arabia's East-West Pipeline, which carries a significant portion of the country's oil exports, has been temporarily shut down after being targeted by Yemen's Houthi militants last week.

Analysts at ING Bank noted that the recent developments are not surprising, given the escalating tensions in the region. However, a slight downward pressure on Brent prices was observed due to an increase in US crude oil rig activity, with the total number of rigs rising by one to 450 units last week.