Brent crude tops USD 100 per barrel for first time since May as Red Sea tensions escalate

New Delhi [India], July 23 (ANI): Brent crude oil prices on Thursday surged above USD 100 per barrel for the first time since May, after Yemen’s Houthi group claimed responsibility for an attack on two Saudi oil tankers in the Red Sea, raising fresh concerns over energy supplies and escalating geopolitical tensions in West Asia.

The Houthi group on Wednesday (local time) claimed responsibility for targeting the two Saudi oil tankers, days after Saudi forces carried out strikes on Sanaa airport. The developments have intensified tensions between Riyadh and the Iran-backed group, leading to a sharp rise in global crude oil prices.

At the time of reporting, Brent crude was trading at USD 100.79 per barrel, up more than 7 per cent during Thursday’s trading session. The latest surge pushed crude prices above the USD 100-a-barrel mark, the highest level since May.

The spike in oil prices comes as concerns grow over potential disruptions to crude oil and gas supplies from the region. The renewed escalation in West Asia has added to uncertainty in global energy markets, with investors closely tracking developments in the Red Sea.

The latest increase in crude oil prices reflects growing concerns over geopolitical risks in the region. Market participants are monitoring the situation closely as continued tensions in West Asia could have implications for global energy supplies and fuel prices.

The rise in Brent crude above the USD 100 per barrel marks a significant milestone after remaining below the level since May, with the latest escalation in the Red Sea emerging as the key trigger behind Thursday’s rally. (ANI)

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