Oil Prices Soar Above $100 as Shipping Attacks Fuel Supply Disruption Fears

Oil prices surged to over $100 per barrel on Thursday, driven by concerns about supply disruptions due to shipping attacks in the Middle East. The Brent crude futures price jumped 5.8% to reach a high of $107.08 per barrel, while US oil prices rose 5.8% to top $101.62 per barrel.

The sharp increase in oil prices was triggered by a series of attacks on shipping vessels in the Red Sea and the Strait of Hormuz, which has heightened concerns about further disruptions to global energy supplies. The Iran-aligned Houthis seized control of Yemen's port of Mocha, while Persian Gulf traffic remains restricted due to intensified tanker attacks.

Analysts warn that the threat of supply disruptions is now widespread, no longer confined to a single choke point such as the Strait of Hormuz. Simon-Peter Massabni, head of business development at XS.com, said: 'The threat is no longer confined to a single choke point, but now includes the potential for disruptions to ripple across regional export routes, oil production sites and other energy infrastructure.'

US President Donald Trump warned that the US may target Iran's Pickaxe Mountain, located near its heavily damaged Natanz uranium enrichment facility. The conflict has dimmed prospects for a definitive resolution, and Brent crude prices have recently topped $100 per barrel for the first time since July.