Oil Prices Soar Near $100 Amid Red Sea Tanker Attack
Oil prices surged on Thursday to their highest point since late May, nearing $100 per barrel amid concerns of supply disruptions. The Brent crude oil benchmark rose over 4.9% to approximately $98.7 per barrel as of 0925GMT.
The increase in oil prices was triggered by the UK Maritime Trade Operations agency's report that a tanker caught fire after being struck about 70 nautical miles southwest of the Saudi port of Al Shuqaiq. Yemen's Houthi group claimed responsibility for the incident, stating it targeted two Saudi tankers with drones and missiles for violating its declared maritime blockade.
The attacks intensified concerns that disruptions in shipping in the Strait of Hormuz could extend to the Red Sea and the Bab al-Mandab Strait, which are crucial transit routes for global crude oil and fuel transportation. US President Donald Trump warned earlier that Washington would target an Iranian bridge or power plant each time Tehran attacked a vessel in the Strait of Hormuz.