Geopolitical tensions in the Red Sea drive oil prices higher as Brent futures approach $100 per barrel.
Brent crude futures climbed above $98 on Thursday following reports of attacks on tankers near Saudi Arabia. The incidents heightened concerns over supply disruptions in a key oil transit route.
Prices extended gains after the U.S. signaled potential escalation in strikes against Iran. Brent had previously traded near $95 earlier this week, with market participants monitoring Middle East tensions closely.
The surge reflects growing unease over supply security, though no immediate disruptions to shipping lanes have been confirmed.