Oil prices surge over 6%, Brent rises above $107, WTI tops $102

Oil prices surged over 6% on Thursday, with both US and Brent crude futures rising above $100 per barrel. Brent crude November futures settled up $6.42, a 6.34% increase, at $107.63 per barrel. WTI crude October futures rose $6.43, or 6.69%, settling at $102.48 per barrel. Both major benchmark crude prices hit their highest levels since May 19 and posted the largest single-day gains in nearly two months. According to sources, the Houthi forces seized Yemen's Mukha port on Thursday, which could further threaten shipping in the Red Sea. Meanwhile, amid escalating attacks on oil tankers in the Gulf region in recent days, shipping through the Strait of Hormuz remains restricted. XS.com’s Head of Business Development, Masabni, stated that Houthi attacks on Saudi energy facilities have introduced a new source of risk to the market, raising concerns that the impact may extend beyond Iran and the Strait of Hormuz. He pointed out that the threat is no longer confined to a single key shipping channel, but could potentially lead to a chain of disruptions affecting regional export routes, oil production facilities, and other energy infrastructure.