Oil Prices Rise as Red Sea Attacks Fuel Supply Concerns
Oil prices continued their upward trend for the fifth consecutive session on Thursday, driven by attacks claimed by Houthi forces against two Saudi oil tankers in the Red Sea. These incidents heightened concerns over global energy shipping security and pushed Brent crude above $97 per barrel. The latest developments add to existing tensions around key maritime routes like the Bab el-Mandeb Strait and the Strait of Hormuz, both critical for global crude exports. A prolonged disruption could force ships to take longer detours, increasing costs and transit times. Meanwhile, U.S.-led military strikes against Iran continued into a twelfth night. Despite rising geopolitical tensions, U.S. oil inventories increased by 2 million barrels last week, slightly offsetting supply concerns.