Global oil prices surged further as escalating attacks and conflict along key maritime routes in the Middle East raised fears of prolonged disruptions to energy supplies.
Brent crude futures, the global benchmark, rose more than 6% on Thursday to settle at $107.63 a barrel, while US West Texas Intermediate (WTI) crude climbed to $102.48 a barrel. Both benchmarks reached their highest levels since May.
The sharp rise came as attacks on commercial shipping intensified amid the ongoing conflict between the United States and Iran. The latest escalation has heightened concerns that oil flows through key regional waterways could remain severely disrupted for an extended period.
Iran said it had attacked 10 vessels near the Strait of Hormuz after the United States sank five Iranian oil tankers. The attacks have further complicated efforts to restore normal shipping through the strategic waterway, which is a major route for global energy supplies.
The situation has also worsened around the Red Sea. Iran-aligned Houthi forces seized Yemen’s strategic port of Mocha on Thursday, raising additional concerns over shipping through the Bab el-Mandeb strait.
The Strait of Hormuz remains particularly important to global energy markets, while oil exports from the Gulf are still well below pre-war levels. Industry data indicates that roughly one-third of Gulf oil exports remain disrupted despite some shipments continuing through alternative or covert routes.
The latest surge in oil prices reflects growing market expectations that the conflict could continue to restrict Middle Eastern energy supplies for longer than previously anticipated. Analysts have warned that further attacks on shipping or energy infrastructure could put additional upward pressure on crude prices.
