Global Oil Prices Continue Climb Amid Rising Concerns Over Supply Disruptions

Oil prices continued their ascent on Thursday, with Brent crude futures surpassing the $100 per barrel mark, reaching their highest level since early May. By 4:00 PM Baghdad time, futures contracts for global benchmark Brent crude for September delivery had risen by 6.3% to $100.02 per barrel. Futures for US West Texas Intermediate (WTI) crude for the same month climbed by 4.62%, reaching $90.81 per barrel. This increase is driven by growing concerns over potential crude supply disruptions amid an escalating confrontation between Iran and the United States. US forces launched a new round of airstrikes against Iranian targets for the twelfth consecutive night, hours after former US President Donald Trump threatened to target Iranian infrastructure in response to attacks on vessels in the Strait of Hormuz. Concurrently, Houthi rebels in Yemen announced a military operation targeting two Saudi oil tankers in the Red Sea, with maritime security reports indicating the Saudi-flagged tanker "Ancelia" was among those targeted.