Oil Prices Soar Amid US-Iran Tensions and Red Sea Attacks

Oil prices surged on Thursday as escalating tensions between the United States and Iran, along with Houthi attacks on commercial shipping in the Red Sea, intensified fears of disruptions to global energy supplies.

The price jump reflects growing market anxiety over the security of oil shipments through the Strait of Hormuz and the Bab el-Mandeb Strait. Brent crude briefly crossed the $100-a-barrel mark before easing slightly, while West Texas Intermediate (WTI) traded near $85 per barrel.

Analysts said concerns over possible supply disruptions, lower emergency oil reserves, and continued attacks on key shipping routes have strengthened the short-term outlook for crude prices. The US Strategic Petroleum Reserve has fallen to historically constrained levels after previous emergency releases.