Oil Prices Climb Toward $100 as Red Sea Risks Rise

AI Summary

Oil prices surged past $98 per barrel, nearing $100, due to escalating risks in the Red Sea as Houthi attacks on tankers heightened concerns over Middle Eastern oil supply security. Brent Crude rose by 4.21% to $98.03, while WTI Crude approached $90 per barrel amid tensions involving Iran-aligned Houthis targeting Saudi oil infrastructure.

Oil prices rose for the fifth consecutive day early on Thursday, topping $98 per barrel to the highest level in nearly two months, as Houthi attacks on tankers on the Red Sea route intensified concerns about supply from the Middle East.  Early on Thursday in Europe, Brent Crude prices passed $98 per barrel, rising by 4.21% to $98.03. The U.S. benchmark, WTI Crude, was nearing the $90 per barrel mark, trading at $89.57, up by 3.16% on the day, as the Iran-aligned Houthis appeared to make good on their pledge to target Saudi Arabia’s oil…