Oil prices climbed past $100 a barrel on Thursday, the first time since May, as escalating conflict in the Middle East drove a fifth straight day of gains.
Key facts
- Brent crude rose more than 5% on Thursday, according to the BBC.
- Prices topped $100 a barrel for the first time since May.
- It marked a fifth consecutive day of rising oil prices, according to Al Jazeera.
- Yemen's Houthis said they struck Saudi Arabian oil tankers in the Red Sea, Al Jazeera reported.
The price of Brent crude rose more than 5% on Thursday, pushing oil past $100 a barrel for the first time since May, the BBC reported. The move came as the war in the Middle East continues to escalate.
According to Al Jazeera, the surge marked a fifth consecutive day of gains for oil prices, underscoring how sustained tensions in the region are feeding into global energy markets.
The latest rise followed a report from Al Jazeera that Yemen’s Houthis said they had struck Saudi Arabian oil tankers in the Red Sea. Attacks on shipping in the area raise concerns about the safe passage of oil through one of the world’s key maritime routes.
The BBC attributed the price movement directly to the ongoing escalation of the conflict in the Middle East, which has kept upward pressure on crude prices in recent days.
The $100 threshold is a closely watched level for markets, and Thursday’s breach represents a notable shift from prices seen earlier in the year. Both the BBC and Al Jazeera framed the increase within the context of the region’s continuing conflicts.
Neither source provided a specific forecast for where prices may head next, with the reported gains tied to the developing situation in the Middle East.
Why it matters
Oil prices above $100 a barrel tend to raise costs across the economy, from fuel at the pump to the price of shipped goods. Because the increase is linked to conflict in the Middle East and attacks on Red Sea shipping, further escalation could keep energy markets volatile.
Frequently asked questions
How much did oil prices rise?
According to the BBC, the price of Brent crude rose more than 5% on Thursday, pushing it past $100 a barrel.
Why are oil prices going up?
The BBC attributed the rise to the escalating war in the Middle East. Al Jazeera reported that Yemen's Houthis said they struck Saudi Arabian oil tankers in the Red Sea, contributing to a fifth straight day of gains.
When were oil prices last this high?
Both the BBC and Al Jazeera reported that this was the first time oil prices topped $100 a barrel since May.