LONDON — International oil prices rose by more than 6% as attacks on tankers increased fears of prolonged disruption along major Middle Eastern shipping routes. Brent crude reached $107.63 a barrel, while U.S. West Texas Intermediate climbed to $102.48.
Both benchmarks crossed $100 as markets considered the possibility that disruption around the Strait of Hormuz could spread to Red Sea routes near Yemen. OPEC also lowered its estimate for growth in global oil demand during 2026 as production declined among some members.
Market analysts cautioned that prices could remain high if insecurity continues to restrict tanker movements. Future price and supply effects remain dependent on the duration and scale of the conflict.
Why it matters: Sustained increases in oil prices can make gasoline, air travel, freight and manufacturing more expensive while adding to worldwide inflation.
