Middle East Tensions Push Brent Crude Above $105 a Barrel

Crude oil prices surged on Thursday, September 10, as escalating attacks and disruptions across key Middle East shipping routes intensified concerns over global oil supplies.

The international benchmark Brent crude rose nearly $5 to around $106 a barrel, hitting its highest level since May 22 and extending its gains for a fifth consecutive session.

The latest surge comes after Brent crude crossed the $100 mark earlier this week as oil tankers came under renewed attack in the Persian Gulf. Rising fuel costs are also stoking inflation concerns and increasing pressure on consumers, adding to market fears over the economic impact of prolonged disruptions to oil supplies.

Saudi Arabia's reported a sharp decline in crude oil production, notifying OPEC's secretariat that its output tumbled by 1.9 million barrels a day to 6.238 million barrels a day.