Oil prices surged above $100 per barrel on Thursday for the first time since May as escalating attacks on energy infrastructure and shipping routes intensified concerns over global oil supplies. Brent crude jumped 7.0% to settle at $100.69 per barrel, while West Texas Intermediate (WTI) gained 6.2% to close at $92.19 per barrel. Brent has now climbed nearly 40% since the start of the Iran conflict, with the majority of those gains occurring during the past month.
Markets reacted to renewed attacks on Saudi oil tankers in the Red Sea, adding to existing disruptions in the Strait of Hormuz and increasing fears that two of the world’s most important energy shipping corridors could remain constrained simultaneously. Together, these routes normally handle roughly one-quarter of global crude oil shipments, keeping a significant geopolitical risk premium embedded in energy markets.
Shipping activity through the Strait of Hormuz remained severely restricted, with Gulf crude loadings well below recent averages as heightened security risks limited tanker movements. Although some vessels successfully transited the Red Sea, the broader decline in regional exports reinforced concerns over tightening global supplies and the potential for prolonged disruptions.
Analysts warned that continued instability across both major shipping corridors could push crude prices even higher if disruptions persist. At the same time, OPEC+ is expected to consider another modest production increase at its upcoming meeting, although ongoing transportation constraints may limit the group’s ability to significantly boost exports in the near term.