Crude oil prices surged on Thursday, September 10, with Brent crude climbing above $105 a barrel, as escalating attacks and disruptions across key Middle East shipping routes intensified concerns over global oil supplies.
Iran-backed Houthi militants have taken control of Yemen’s Red Sea city of Mocha, three Yemeni government sources told Reuters. The move brings the Houthis closer to the strategic Bab el-Mandeb Strait, the sources said.
This poses a fresh threat to shipping through the strategically important Bab el-Mandeb Strait, while tanker attacks have intensified in the region and traffic through the Strait of Hormuz remains restricted.
International benchmark Brent crude rose nearly $5 to around $106 a barrel, hitting its highest level since May 22 and extending its gains for a fifth consecutive session. US benchmark West Texas Intermediate (WTI) crude jumped $4.50 per barrel to $95.39 a barrel.
The latest surge comes after Brent crude crossed the $100 mark earlier this week as oil tankers came under renewed attack in the Persian Gulf. Rising fuel costs are also stoking inflation concerns and increasing pressure on consumers, adding to market fears over the economic impact of prolonged disruptions to oil supplies.