Middle East Conflict Sends Oil Prices Soaring to New Highs

Global oil prices have surged as escalating attacks and conflict along key maritime routes in the Middle East raise fears of prolonged disruptions to energy supplies.

The Brent crude futures, the global benchmark, rose more than 6% on Thursday to settle at $107.63 a barrel, while US West Texas Intermediate (WTI) crude climbed to $102.48 a barrel.

Both benchmarks reached their highest levels since May, driven by concerns that oil flows through key regional waterways could remain severely disrupted for an extended period.

The situation has worsened around the Red Sea, with Iran-aligned Houthi forces seizing Yemen's strategic port of Mocha on Thursday, raising additional concerns over shipping through the Bab el-Mandeb strait.

Industry data indicates that roughly one-third of Gulf oil exports remain disrupted despite some shipments continuing through alternative or covert routes.