Oil Prices Soar Amid Middle East Tensions

Global oil prices have surged to over $100 a barrel following attacks on Saudi oil tankers by Yemen's Houthis and disruptions in the Strait of Hormuz. The tensions have exacerbated concerns over global supply, prompting projections of further price increases if disruptions persist.

Oil prices surged to over $100 on Thursday, reaching their highest in two months, after Yemen's Houthi rebels claimed responsibility for attacking two Saudi oil tankers in the Red Sea. This attack further disrupts global oil supply, already strained by issues in the Strait of Hormuz.

Brent crude oil saw a significant rise of $6.59, marking a 7% increase to $100.66 a barrel, while U.S. West Texas Intermediate crude climbed by $5.45 to $92.28. This marks a continuous rise in oil prices for five consecutive days, with analysts predicting further increases.

Yemen's Houthi militia's military operations are creating further instability, targeting oil vessels and threatening a blockade. As international tensions rise, significant chokepoints like the Bab el-Mandeb Strait, and potential reactions from major oil producers, may drive prices higher.