Oil Prices Soar Above $100 Per Barrel Amid Middle East Tensions

Global oil prices surged above $100 per barrel on Thursday for the first time in nearly two months, as Yemen's Houthi rebels claimed responsibility for attacks on two Saudi oil tankers in the Red Sea.

The latest rally followed reports that the Houthi movement targeted the tankers, adding another layer of uncertainty to global energy markets already grappling with severely disrupted shipping through the Strait of Hormuz.

Brent crude, the international benchmark, rose $6.59 (7%) to $100.66 per barrel, marking its highest level since late May and extending its monthly gain to nearly 40%.

Goldman Sachs warned that Brent could exceed $120 per barrel during the fourth quarter if disruptions in the Strait of Hormuz continue through 2027.