Oil prices surged over 4% to 16-week highs after attacks on Saudi Arabian energy infrastructure by Iran-backed Houthis and disruptions to shipping in the Middle East. Brent crude rose to $109.29 per barrel and WTI to $104.26, driven by concerns over global oil supply as a key Saudi pipeline was knocked out and vessel transits through the Strait of Hormuz plummeted.
Brent crude oil surged above $100 a barrel for the first time since late July as escalating Middle East conflicts, including attacks on tankers and oil facilities, disrupted regional shipping and threatened global oil supplies. The rise reflects market concerns about prolonged instability affecting crude flows through critical routes like the Red Sea and Strait of Hormuz.