Oil prices hit $100 for first time since May as Middle East war escalates
Oil prices hit $100 for first time since May as Middle East conflict escalates, with Brent crude surging over 5% on supply disruption fears from Red Sea attacks and US-Iran tensions.
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Oil prices surged past $100 a barrel for the first time since May as the escalating conflict in the Middle East reignited fears over global energy supplies. Brent crude, the global benchmark, rose more than 5% on Thursday after several days of gains, driven by intensified US military strikes against Iran and attacks on oil tankers in the Red Sea by Houthi militia. The attacks threaten a key export route that Saudi Arabia has used to bypass the Strait of Hormuz, raising concerns about supply disruptions.
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