Oil Prices Soar Above $100 as Tanker Attacks Escalate

Oil prices surged more than 6% on Thursday, with both major benchmarks trading above $100 per barrel. Brent crude futures settled at $107.63 a barrel, while U.S. oil topped $102.48.

The price jump was attributed to the escalating tanker attacks in the region, which have disrupted shipping and tightened supplies. The threat is no longer confined to a single choke point but now includes potential disruptions across regional export routes, oil production sites, and other energy infrastructure.

S&P Global Energy noted that prospects for a definitive resolution to the Iran conflict are dimmed, and Brent crude prices recently topped $100 for the first time since July. The analysts expect the rally's durability to hinge on China, the world's largest crude importer.