Global crude oil prices climb above $100 amid Red Sea attacks, supply fears
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On Friday, global crude oil prices stayed high, trading above $100 a barrel as tensions in the Gulf intensified, sparking worries about worldwide energy supply.
The international Brent benchmark climbed 0.43% (44 cents), keeping it above the $100 per barrel threshold, whereas U.S. WTI rose 0.69% (64 cents) to $92.83 per barrel.
In India’s domestic market, MCX August crude futures hovered at ₹8,865 per barrel around 10 a.m., slipping ₹159, or 1.76 %.
Analysts say the price jump followed an attack by Iran‑backed Houthi militants on Saudi tankers in the Red Sea, adding a new flashpoint to ongoing disruptions in the Strait of Hormuz, two vital global oil chokepoints.
“The primary driver behind Brent crude’s recent surge to roughly $100 is the Houthi strike on Saudi tankers in the Red Sea,” analysts noted, warning that revived geopolitical strain and dimming ceasefire prospects are stoking fears of prolonged inflation.
The crude rally follows an escalation of hostilities in the region. Roughly two weeks after a temporary truce fell apart, the United States carried out new airstrikes on Iran, and Tehran allegedly launched missiles at nearby Arab nations hosting U.S. bases, heightening fears of extended supply interruptions.
Higher oil prices dragged down global equities. In Asia, Japan’s Nikkei fell about 3%, Hong Kong’s Hang Seng dropped more than 3%, and South Korea’s KOSPI sank over 5%.
Overnight, U.S. stocks closed lower, with the S&P 500 down 1.21% and the Nasdaq off 2.15%, as investors worried that persistently high energy costs could prolong inflation.
