Commodities
Middle East Tensions Send Oil Prices Soaring Above $107
Oil prices have surged to their highest levels in months due to growing concerns over supply disruptions in the Middle East. The global benchmark, Brent crude, settled at $107.63 a barrel on Thursday, up 6.34% from the previous day's close.
The price hike was triggered by the seizure of Yemen's port city of Mocha by Iran-aligned Houthi rebels and intensified attacks on shipping in the strategic Bab el-Mandeb and Strait of Hormuz.
US West Texas Intermediate (WTI) crude also rose 6.69% to $102.48 a barrel, reaching its highest level since May 19.