Oil Hits $100 as Houthi Attacks Disrupt Supply

Oil prices surged to $100 a barrel for the first time since May after Yemen's Houthi militants attacked two Saudi oil tankers in the Red Sea. The attacks, coupled with escalating U.S.-Iran tensions, have disrupted global oil supply routes, including the Strait of Hormuz and Bab el-Mandeb Strait. Brent crude futures rose 6.2% to $99.90, while U.S. West Texas Intermediate crude climbed 5.08% to $91.24. The Houthi group imposed a naval blockade on Saudi oil shipments, while Iran's Revolutionary Guards claimed control of the Strait of Hormuz, warning against uncoordinated tanker movements. The U.S. military conducted its 12th consecutive night of strikes against Iran, further escalating regional tensions. Analysts warn of potential price spikes to $120 per barrel if disruptions persist. Meanwhile, global financial markets reacted to the surge, with stock indexes falling and Treasury yields rising to multi-year highs. The European Central Bank held interest rates steady but signaled concerns over inflation risks.