Oil Prices Soar to Six-Week High Amid Middle East Shipping Risks

Oil prices surged to their highest in over six weeks on Thursday, reaching $96.27 for Brent crude futures and $88.48 for US West Texas Intermediate crude, after a series of incidents disrupted shipping in the Middle East.

The escalation of tensions came as Yemen's Houthis targeted oil tankers in the Red Sea, forcing several vessels to retreat or turn back.

Iran's Revolutionary Guards also warned that the Strait of Hormuz was mined and closed to navigation, while the US launched a new round of strikes on Iran.

Priyanka Sachdeva, senior market analyst at Phillip Nova, noted that geopolitical premiums had returned to oil prices, but a sustained rally would require evidence of prolonged shipping disruptions or meaningful supply outages.