Oil Prices Soar Past $100 Per Barrel Amid Escalating Middle East Tensions
Oil prices have surged to a two-month high of $100 per barrel for Brent crude, driven by escalating geopolitical tensions in the Middle East and concerns over supply disruptions.
The international benchmark rose above $100 a barrel on Thursday, marking its highest level since June, while West Texas Intermediate (WTI) traded near $92 a barrel.
The price rally is attributed to attacks by Iran-backed Houthi militants on Saudi oil tankers in the Red Sea, a key shipping route that has become an alternative to the Strait of Hormuz. US President Donald Trump warned of 'major military punishment' for Iran and the Houthis if further attacks occur.
The global oil market is also grappling with attacks on the Caspian Pipeline Consortium (CPC) terminal in Russia's Black Sea, a major export route for Kazakhstan's crude. These disruptions have tightened global oil inventories and increased the risk of a supply crunch.