Brent Rallies Toward $100

Brent crude oil surged more than 6% toward $100 per barrel on Thursday, the highest level since May 22, as escalating geopolitical tensions intensified concerns over global supply. Iran-backed Houthi militants claimed responsibility for attacks on two Saudi oil tankers in the Red Sea, saying the strikes were aimed at enforcing a newly announced blockade of Saudi ports. The attacks raised fears of further disruptions to regional shipping, with buyers in Asia considering longer and more expensive alternative routes. Supply risks were compounded by continued attacks on vessels in the Strait of Hormuz, renewed US strikes on Iran, and Kazakhstan's decision to halt crude exports through the Caspian Pipeline Consortium terminal after drone attacks. Meanwhile, Washington and Tehran continued to rule out near-term peace talks, reinforcing expectations that tensions could keep oil prices elevated.

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.