Oil prices have jumped due to escalating conflict with Iran, marked by attacks on ships in the Red Sea by the Houthi militia group aligned with Tehran. These disruptions continue to affect global oil markets.
On Thursday, Brent crude, the international benchmark, exceeded the $100 mark with futures trading around $101 per barrel. This represents an increase of more than $25 since the U.S.-Iran ceasefire in July. Similarly, U.S. benchmark West Texas Intermediate crude futures reached about $92 per barrel, also rising by $25 since early July.
The conflict has created volatility in oil prices, especially as violence threatens the shipping routes through the Strait of Hormuz. This vital channel between Iran and the Arabian Peninsula is crucial for global oil traffic.
Simultaneously, Houthi rebels announced Thursday their attack on two Saudi oil tankers in the Red Sea, situated opposite the Arabian Peninsula. These attacks could complicate oil transit in the region after Iran took measures to restrict access to the Strait of Hormuz.
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