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Oil prices surged on Thursday after Houthi rebels in Yemen claimed they attacked two Saudi oil tankers in the Red Sea, escalating tensions with Iran. International benchmark Brent crude crossed $100 per barrel, trading at about $101, while U.S. West Texas Intermediate crude rose to around $92 per barrel. Both benchmarks have climbed more than $25 since early July lows during the U.S.-Iran ceasefire. The attacks threaten shipping through the Bab el-Mandeb Strait, a key Red Sea chokepoint, after Iran previously blocked the Strait of Hormuz. The Houthis, backed by Iran, said they used ballistic and cruise missiles in the strikes. U.S. gasoline prices also rose, averaging $4.09 per gallon nationally. The conflict has heightened fears of supply disruptions, driving volatility in energy markets and impacting risk appetite for speculative traders.
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