Brent crude tops $100 per barrel for first time since May as Red Sea tensions escalate

Brent crude oil prices surged past $100 a barrel on Thursday, reaching their highest point since May, as tensions in the Red Sea escalated. The price jump followed the Houthi group's claim of responsibility for an attack on two Saudi oil tankers.

The incident has heightened concerns over energy supplies and intensified geopolitical tensions in West Asia. The Houthi attack occurred days after Saudi forces conducted strikes on Sanaa airport, escalating the conflict between Riyadh and the Iran-backed Houthi group. At the time of reporting, Brent crude was trading at $100.79 per barrel, marking a more than 7% increase during Thursday's trading session.

This spike in oil prices comes amid growing worries about potential disruptions to crude oil and gas supplies from the region. The renewed escalation in West Asia introduces further uncertainty into global energy markets, with investors closely monitoring developments in the Red Sea.

The rise in Brent crude above the $100 per barrel threshold signifies a notable milestone, particularly as it follows a period of prices remaining below this level since May. The recent escalation in the Red Sea has emerged as the primary trigger for Thursday's rally, underscoring the delicate balance of energy security and regional stability.