Brent Oil's Price Briefly Tops $100 Per Barrel
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Oil prices hit $95 a barrel
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Oil prices rose after attacks on ships in the Red Sea, and U.S. President Donald Trump's threatened to bomb Iranian infrastructure.
Oil prices advanced for a fifth consecutive session on Thursday after Houthi forces claimed attacks on two Saudi oil tankers in the Red Sea, intensifying concerns over the security of key global energy shipping routes and lifting Brent crude above $97 a barrel.
US-Iran war: Brent crude futures advanced $1.93, or 2%, to $96 per barrel, marking their highest level since June 8.
Oil prices rose Monday after President Donald Trump said Iran would pay for the deaths of three U.S. service members, and Houthi militants in Yemen declared a maritime embargo on
Brent crude oil price nears $100 as Red Sea attacks open a second supply front. Fibonacci levels point to $119.50 next.
The international benchmark Brent crude rose almost 5% to hit more than $95 per barrel for the first time in almost six weeks.
Oil forecasters are eyeing the risk of a global supply shortage that causes crude to spiral higher as the Iran war re-escalates.
The U.S. has launched strikes against Iran for 11 consecutive days, citing a need to "degrade Iran's ability to threaten commercial shipping."