Oil Prices Top $100 as Yemeni Houthi Attacks Disrupt Global Supply

Oil prices surged above $100 per barrel for the first time since May as Yemen's Houthis attacked two Saudi oil tankers in the Red Sea, disrupting global supply further.

The Brent futures closed at $100.69 a barrel, marking their highest close since May 22, with nearly all of its gains coming this month.

This comes after Iranian strikes on vessels crossing the Strait of Hormuz resulted in a drop in non-Iranian oil tankers traversing the waterway and caused Iranian oil loadings to fall to zero from 1.5 million to 2 million barrels per day at the start of the month, according to UBS analyst Giovanni Staunovo.

The Strait of Hormuz and Bab el-Mandeb carry the equivalent of roughly a quarter of the world's oil supply, with Goldman Sachs predicting Brent might exceed $120 a barrel in the fourth quarter if the strait remains disrupted through 2027.