Rising geopolitical tensions in the Red Sea push Brent Crude to $98.03, its highest level in nearly two months.
Brent Crude surged past $98 per barrel early Thursday, reaching $98.03, a 4.21% gain, as Houthi attacks on Red Sea tankers heightened supply concerns. The rally marks the fifth consecutive day of price increases, the longest streak in two months.
Prior to the escalation, Brent traded below $95, while WTI hovered near $85. The U.S. benchmark followed closely, climbing 3.16% to $89.57, nearing the $90 threshold. Analysts cite the Houthis’ threats to Saudi oil infrastructure as a key driver.
Markets remain on edge as shipping disruptions persist, with no immediate resolution in sight.