Oil benchmarks surge to six-week highs as geopolitical tensions escalate with sustained military action in the Middle East.
Brent crude reached $95.73 per barrel in early Asian trading Thursday, rising 1.76% as the U.S. conducted its 12th consecutive night of strikes against Iranian targets. WTI crude climbed 1.41% to $88.05, marking the highest levels for both benchmarks since late August.
The rally follows intensified military exchanges, including threats from Yemen’s Iran-backed Houthis, amplifying supply disruption fears. Prior sessions saw oil prices stabilize near $90 for Brent, with analysts citing limited spare capacity as a key driver.
Markets remain on edge as geopolitical risks outweigh demand concerns, with no immediate signs of de-escalation.