Brent Crude Surges 7% to Over $100 Amid Strait of Hormuz Security Fears

Brent crude oil prices experienced a significant surge, climbing 7.03% to settle at $100.69 per barrel in London's futures market. This marks the highest closing price since late May, driven by heightened concerns over maritime security in the critical Strait of Hormuz.

The recent escalation in tensions follows claims by Yemen's Houthi rebels that they attacked two Saudi oil tankers transiting the vital waterway. This incident has introduced a new dimension to the regional conflict and complicated the security of global oil supplies.

In response to the developing situation, U.S. President Donald Trump renewed his threats of launching large-scale attacks against Iran, which is an ally and supporter of the Houthi movement. The price of North Sea crude, a benchmark for Europe, gained $6.62 from its previous close on the Intercontinental Exchange (ICE) in London.

During Thursday's trading, the barrel price briefly touched $101.95 around 6:00 GMT before slightly retreating. With only one day remaining in the week, Brent crude has accumulated a substantial increase of over 32%. Meanwhile, the West Texas Intermediate (WTI) crude, the U.S. benchmark, was trading at $92.16 per barrel.