Oil Prices Surge Over 6% Amid Middle East Shipping Attacks

Oil prices surged more than 6% on Thursday, with Brent crude topping $107 a barrel, as escalating attacks on shipping in the Middle East raised acute concerns about global supply disruptions. The benchmark Brent crude futures rose about 6.3% to settle at $107.63 a barrel, its highest level since May. U.S. West Texas Intermediate crude also jumped above $100 a barrel for the first time since May, gaining 6.69% to $102.48. The rally was fueled by a sharp increase in maritime incidents. Iran-aligned Houthi forces seized control of the strategic port of Mokha near Yemen's Bab el-Mandeb Strait on Thursday, a move that threatens a critical Red Sea shipping lane. This followed a series of tanker attacks in the region, which traders described as the biggest spike in incidents since the conflict between the U.S. and Iran began. The U.S. military confirmed it targeted five Iranian oil tankers on Wednesday after Iran launched ballistic missiles at a U.S. Navy warship. Iran, in turn, claimed it had attacked 10 ships near the Strait of Hormuz on the same day. The Islamic Revolutionary Guard Corps warned it would escalate its response to any further attacks.