Brent Crude Oil Tops $98

Brent Crude Oil increased 5% to 98.772 USD/Bbl

Brent crude oil surged 5% to around $98.5 a barrel on Thursday, the highest level since May 22, after fresh attacks on oil tankers near Saudi Arabia and renewed US threats against Iran heightened fears of supply disruptions. The UK Maritime Trade Operations agency reported that a tanker caught fire after being struck about 70 nautical miles southwest of Al Shuqaiq, with Yemen's Houthi rebels claiming responsibility, saying they had targeted two Saudi tankers with drones and missiles for violating their maritime blockade. The incident came hours after President Donald Trump warned that the US would strike an Iranian bridge or power plant every time Tehran attacked a vessel in the Strait of Hormuz, signaling a further escalation following the collapse of the US-Iran ceasefire. Iran responded by warning it would retaliate against US-linked infrastructure and energy assets across the region if Washington followed through on its threats.

Brent crude oil climbed to a fresh six-week high above $95 per barrel on Thursday, extending gains for a fifth straight session as escalating Middle East tensions heightened fears of deeper supply disruptions. President Donald Trump warned the US would strike Iranian infrastructure if Tehran attacked ships transiting the Strait of Hormuz, while Iran threatened retaliation against US-linked energy assets across the region. Meanwhile, Iran-backed Houthi militants attacked two Saudi oil tankers in the Red Sea with missiles and drones, marking the first direct strikes on tankers in the waterway and raising concerns over a key alternative export route for Saudi crude. The escalation opened a new front in the conflict as risks to shipping through both the Red Sea and Strait of Hormuz mounted. US forces also carried out a 12th consecutive day of strikes on Iranian targets, while both Washington and Tehran continued to downplay the prospects for peace talks.