Oil Prices Surge as Brent Tops $100 After Red Sea Tanker Attacks

ERBIL (Kurdistan24) – Brent crude oil has surged past $100 per barrel, while U.S. West Texas Intermediate (WTI) crude climbed more than 5% to trade around $91.95 per barrel, following a sharp escalation in tensions across the Middle East.

The latest rally came after Iran-backed Houthi militants attacked two Saudi oil tankers in the Red Sea, raising concerns over the security of key global shipping routes and energy supplies.

Brent crude traded between $99.50 and $100.00 per barrel, reaching its highest level since May. Meanwhile, WTI crude traded between $90.80 and $91.95 per barrel, extending its rally to a fifth consecutive session.

Over the past month, both benchmark crude prices have gained between 29% and 34% as geopolitical tensions have fueled concerns over global oil supplies.

According to market reports, the Houthis claimed responsibility for attacking the Saudi tankers Encelia and Layla with drones and missiles in the Red Sea, threatening one of the world's most important alternative oil export routes.

The price increase has also been driven by continued disruption to oil shipments through the Strait of Hormuz, where U.S. military operations against Iran have continued following the collapse of a brief ceasefire.

Additional pressure on global supply came after Kazakhstan halted exports through its Caspian Pipeline Consortium terminal due to separate drone threats, further tightening the oil market.