With no relief in the ongoing West Asia conflict, crude oil prices have reached their highest level in the last six weeks on Thursday. Brent crude rose by $1.93 (or 2.05 percent) to settle at $96 per barrel, while US benchmark West Texas Intermediate (WTI) surged $1.41 (or 1.62 percent) to reach $88.24.
The spike in oil prices came amid the oil prices rising to more than 3 percent in the previous session that pushed Brent to its peak since June 8, 2026.
Investor’s attention still remains on the increasing conflict following the US military strikes on Iran for the twelfth straight night. The strikes occurred after US President Donald Trump warned that the United States would retaliate against Iranian bridges or power infrastructure for every ship targeted in the Strait of Hormuz, pointing to a sharp escalation in tensions.
Furthermore, the supply chain concerns intensified following the Iran-aligned Houthis broadened their campaign in the Red sea announcing a naval blockade against Saudi Arabia and warned ships with Saudi oil via the Bab el-Mandeb Strait. The group attacked two Saudi oil vessels in a military operation. One of the oil tankers identified by the Houthis, the Saudi-flagged tanker Encelia, had been reportedly struck in the Red Sea, Maritime security reports stated. Moreover, according to the Houthis, about 10 ships moved back after receiving threats.
