Oil Tanker Attacks Drive Brent Crude Prices Above $100 Per Barrel

Oil tanker attacks are on the rise in the Middle East and Europe, pushing Brent crude prices above $100 per barrel for the first time since May. The surge is attributed to escalating conflicts between Iran and its Houthi allies, who have been targeting vessels near the Strait of Hormuz and Bab el-Mandeb Strait.

Similarly, Ukraine has been attacking ships associated with Russia in the Black Sea, disrupting critical oil shipping routes. The Caspian Pipeline Corporation has even halted loadings due to Ukrainian attacks, threatening Kazakhstan's oil exports.

This multi-front conflict risks further tightening global oil supply and could push prices beyond previous highs if tensions worsen. Brent crude prices have already breached $100 per barrel, a level not seen since May this year.