Houthi Attacks Push Oil Prices Above $100

Oil prices surged above $100 per barrel for the first time since May on Thursday after Yemen's Houthis attacked two Saudi oil tankers in the Red Sea, disrupting global supply.

The Brent futures price rose by $6.62, or 7 percent, to settle at $100.69 a barrel, marking its highest close since May 22.

US West Texas Intermediate crude closed up $5.36, or 6.2 percent, to settle at $92.19 a barrel, the highest close since June 4.

Gelber and Associates wrote that the escalation compounds the near-halt in Hormuz traffic and the sharp reduction in Iranian exports, intensifying concerns over near-term global availability.