Oil Prices Soar as Hormuz Disruptions and Saudi Attacks Escalate

Oil prices surged on Tuesday as concerns over disruptions to transportation routes and attacks on energy infrastructure pushed the global market closer to the $100-a-barrel threshold.

Brent crude rose 1.23% to $97.46 per barrel before briefly touching $98, marking its highest level since late July.

The escalation of attacks on Saudi Arabia's oil infrastructure has become a major factor in oil-market calculations, raising concerns about potential further disruptions to energy supplies and transportation.

Data from maritime analytics firm Kpler shows that the 10-day average of cargo vessels passing through the Strait of Hormuz has fallen to around 10 vessels per day, compared with more than 15 under normal conditions.