Oil Prices Soar Above $100 as Middle East Tensions Rise

Oil prices surged above $100 per barrel on Thursday due to rising concerns over supply disruptions in the Middle East. Brent crude futures settled at $107.63 per barrel, a 6.34% increase from the previous day's close. WTI crude futures also rose, reaching $102.48 per barrel after a 6.69% gain.

The price hike followed reports of shipping attacks in the region, including an incident where Iran attacked 10 ships near the Strait of Hormuz and took control of Yemen's port of Mocha. These developments increased worries about potential disruptions to oil flows.

According to S&P Global Energy, 'crude oil markets are settling into a prolonged new normal where disruption risk is persistent, not episodic.' The analysis suggests that future price movements may depend on Chinese crude demand and the duration of regional disruptions.