Oil Prices Soar Past $100 Amid Regional Tensions

Oil prices surged over 6% on Thursday, with Brent crude futures settling at US$107.63 a barrel and West Texas Intermediate (WTI) crude topping US$100 for the first time since May.

The rally was driven by concerns about further disruptions to already tight supplies following a series of tanker attacks in the region.

Iran-aligned Houthis seized control of Yemen's port of Mocha on Thursday, posing a fresh threat to Red Sea traffic, while Gulf traffic remains restricted through the Strait of Hormuz.

Simon-Peter Massabni, head of business development at XS.com, said that the threat is no longer confined to a single choke point but now includes the potential for disruptions to ripple across regional export routes and oil production sites.