Oil prices surged on Thursday amid escalating tensions in the Middle East, as reports suggested the U.S. might restart large-scale military operations in Iran. The energy sector faces heightened risks due to recent attacks by Houthi militants on Saudi Arabia, including strikes on airports in Jazan and Najran.
The concerns over supply disruptions pushed futures for the international benchmark Brent crude for December delivery up by 2.14%, reaching $102.35 per barrel. Meanwhile, U.S. West Texas Intermediate futures for November climbed 1.78%, hitting $89.85 per barrel.
The uncertainty in the region has kept markets on edge, with President Donald Trump and his national security team reportedly discussing potential military actions against Iran in the coming weeks. This development adds another layer of volatility to the oil market, which is already sensitive to geopolitical risks.