Brent crude oil broke through the $100-per-barrel threshold on Thursday for the first time in approximately two months, driven by mounting concerns over regional supply stability. According to market reports, front-month Brent futures for September delivery traded at $100.69 a barrel during mid-morning trading, representing a gain of more than 7% for the day after reaching an intraday peak of $101.01.
Escalating Houthi attacks on commercial shipping lanes in the Red Sea have intensified investor concerns that supply disruptions may extend well beyond traditional chokepoints like the Strait of Hormuz. West Texas Intermediate crude also posted sharp gains, with the entire Brent forward curve reflecting traders' reassessment of the risk outlook for prolonged supply constraints in coming months.
The rally underscores broader geopolitical tensions affecting global energy markets, as maritime security threats force shipping routes to be rerouted and add substantial costs and delays to global crude transport infrastructure.