Oil Prices Soar to Over $100 per Barrel Amid Supply Disruptions
Oil prices surged by 6 percent on Thursday to over $100 per barrel as concerns about supply disruptions continued. Brent crude futures hit their highest since mid-May, rising $5.87, or 5.8 percent, to $107.08 a barrel by 1:20 p.m. ET.
US oil topped $100 a barrel for the first time since May, with West Texas Intermediate crude futures rising $5.57, or 5.8 percent, to $101.62.
The increase comes as attacks on shipping in the region have intensified, with Iran's Islamic Revolutionary Guard Corps saying it would escalate its response to any further attacks.
Simon-Peter Massabni, head of business development at XS.com, warned 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.