Oil prices surged more than 6% on Thursday, with both major benchmarks trading above $100 a barrel as intensifying attacks on shipping in and around the Middle East raised concerns that already-tight global supplies could face further disruption. Brent crude futures jumped $6.42, or 6.34%, to settle at $107.63 per barrel, while U.S. West Texas Intermediate (WTI) crude rose $6.43, or 6.69%, to $102.48 per barrel. Both benchmarks reached their highest levels since May 19 and posted their largest daily gains in nearly two months.

Iran-aligned Houthis seized control of Yemen’s port of Mocha on Thursday, adding another threat to shipping through the Red Sea. At the same time, tanker traffic through the Strait of Hormuz remains severely restricted following a sharp increase in attacks on vessels in recent days.

The supply risk is now spreading beyond the Strait of Hormuz. Attacks on Saudi energy facilities and disruptions to regional shipping routes have increased concerns about potential impacts on oil production, exports and alternative routes used to move Gulf crude to global markets.

The market is also watching China closely. After months of subdued demand, China has recently increased crude purchases, strengthening physical oil markets. Continued buying from the world’s largest crude importer could amplify the impact of supply disruptions, while weaker imports could limit further price gains.

U.S. crude inventories fell by 391,000 barrels last week to 424.1 million barrels, according to the Energy Information Administration. The draw was considerably smaller than the 1.55-million-barrel decline analysts had expected, although refining activity remained strong.

OPEC also lowered its forecast for 2026 global oil-demand growth to 380,000 barrels per day, its fifth consecutive downward revision. At the same time, OPEC oil production fell by approximately 640,000 barrels per day in August, with Saudi exports facing additional disruptions from the conflict and Iranian shipments reduced by the U.S. blockade.

With Brent now firmly above $100 and WTI above $100 for the first time since May, the oil market is increasingly focused on how long the current supply disruptions will persist and whether the conflict will continue to restrict Middle East energy flows.

• Where: Loews Arlington Hotel
• Attending: Brian Baker (239.297.4519), David Cohen (954-729-4774), and Curtis Chandler (239-405-3365)
• Conference Website

• Where: The Westin Galleria Dallas
• Attending: David Cohen (954-729-4774), and Curtis Chandler (239-405-3365)
• Conference Website

• Where: The Westin Galleria Dallas
• Attending: Brian Baker (239.297.4519)
• Conference Website