Oil Prices Soar to New Highs Amid Escalating Middle East Tensions

Oil prices surged more than 6% on Thursday, reaching their highest levels since May as concerns about disruptions to global supplies intensified. Brent crude futures settled at $107.63 a barrel, while US oil topped $100 for the first time since May.

The rally was driven by a spike in attacks on shipping in the Middle East, with Iran-aligned Houthis seizing control of Yemen's port of Mocha and restricting traffic through the Strait of Hormuz. This adds to the risk of further disruptions to regional export routes and oil production sites.

Simon-Peter Massabni, head of business development at XS.com, noted 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.