Oil prices climbed to their highest levels in nearly two months on Thursday, driven by escalating security concerns in the Red Sea. According to OilPrice, Brent Crude surged past $98 per barrel, gaining 4.21% to reach $98.03, while West Texas Intermediate crude advanced 3.16% to $89.57. The rally reflected intensifying attacks by Iran-aligned Houthi forces on commercial tankers transiting one of the world's most critical shipping lanes, raising fresh concerns about potential disruptions to Middle Eastern crude supplies.
The fifth consecutive day of gains underscored investor anxiety over the geopolitical risks threatening global energy markets. Houthi militants have escalated their campaign against shipping traffic, with reports indicating coordinated strikes on vessels along major trade routes. These actions have prompted risk premiums in pricing as market participants weigh the possibility of supply disruptions emanating from the region.
The price momentum reflects the precarious balance between current global supply levels and the threat of unexpected losses due to military action or commercial disruption. As crude approaches the psychologically significant $100 per barrel threshold, traders are closely monitoring developments in the Red Sea corridor and broader Middle East geopolitics for signals about the sustainability of current price levels.