Brent crude surged to $100 per barrel after Houthi attacks on Saudi oil tankers raised supply disruption fears in the Middle East.
US energy shares advanced in premarket trading as Brent crude futures briefly reached $100 per barrel, the highest since late May, following Houthi attacks on Saudi oil tankers. The strikes in the Bab el-Mandeb strait intensified concerns over Middle East supply disruptions, extending a five-day rally in crude prices.
Brent crude rose as much as 6.3% to $100, while West Texas Intermediate climbed 5.2% to $91.30. Analysts warned that production recovery in the region may lag market expectations, keeping supplies tight. Shares of Exxon Mobil, Chevron, and other major producers gained 1.6% to 2.5%.
Refiners also saw gains, with Valero Energy and Marathon Petroleum rising 2.1% to 2.6%. The attacks follow a recent escalation in regional tensions, reversing earlier analyst expectations for softer oil prices.