Oil surges as Brent nears $100/bbl on Red Sea attacks

Seeking Alpha ·

Oil prices extended their gains on Thursday, with Brent crude futures topping $98, after reports of attacks on tankers off the coast of Saudi Arabia and the U.S. renewed threats to escalate strikes against Iran.

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Geopolitical tensions have escalated following attacks on oil tankers near Saudi Arabia and the US, pushing Brent crude futures past $98 a barrel and close to $100. Concerns over global oil supply disruptions are rapidly rising as the possibility of military conflict with Iran grows. With volatility in the commodity market maximized, investors must closely monitor price trends in energy-related assets.

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