Oil Prices Surge Above $100 as Houthi Red Sea Blockade Raises Market Uncertainty.

Global oil prices climbed above $100 per barrel on Thursday as tensions in the Middle East intensified, with analysts closely monitoring shipping activity through the Red Sea following Yemen's Houthi naval blockade.

Brent crude rose nearly 7 percent to $100.65 per barrel, marking its highest level since May. The price increase comes after the Houthis announced they would target Saudi, Israeli and US-linked oil tankers passing through the Bab el-Mandeb Strait, a critical global shipping route.

The group also claimed responsibility for attacks on two Saudi oil tankers on Thursday, with Saudi authorities confirming that one vessel caught fire.

Maritime analysts say the blockade appears to be focused on the ownership of vessels rather than the oil cargo itself. Some Chinese-operated tankers carrying Saudi crude have reportedly passed through the strait without interference, suggesting the Houthis are selectively enforcing the blockade.

Experts warn that the disruption, combined with the continued closure of the Strait of Hormuz, has heightened concerns over global energy supplies and pushed oil prices higher.

The impact is already being felt by consumers, with fuel prices rising in several countries. Analysts also expect diesel prices to remain under pressure due to refinery disruptions in Russia and tighter global supplies.

Energy market observers say future price movements will depend on developments in the Red Sea, China's oil import strategy, and the Atlantic hurricane season, all of which could further affect global oil and fuel markets.

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