The price of Brent crude oil broke through the $100 per barrel mark. Earlier, the Houthis attack on the Red Sea oil tanker opened up a new front in the Middle East conflict, and US President Donald Trump threatened to expand military attacks on Iran. On Thursday, the global benchmark oil price broke through the three-digit mark for the first time in two months. This week, the futures price rose by about 13%. WTI traded above $92 per barrel. Trump threatened to impose “significant military penalties” on Iran and the Houthis if Red Sea vessels were attacked further, and told Axios he was considering launching a “large-scale attack” against Iran. The market is also facing the impact of the attack on the terminal of the Caspian Sea Pipeline Union on Russia's Black Sea coast, which exports most of Kazakhstan's oil. Months of conflict in the Middle East have reduced global inventories, exacerbating supply shortages and the risk of wider economic shocks.

The price of Brent crude oil broke through the $100 per barrel mark. Earlier, the Houthis attack on the Red Sea oil tanker opened up a new front in the Middle East conflict, and US President Donald Trump threatened to expand military attacks on Iran. On Thursday, the global benchmark oil price broke through the three-digit mark for the first time in two months. This week, the futures price rose by about 13%. WTI traded above $92 per barrel. Trump threatened to impose “significant military penalties” on Iran and the Houthis if Red Sea vessels were attacked further, and told Axios he was considering launching a “large-scale attack” against Iran. The market is also facing the impact of the attack on the terminal of the Caspian Sea Pipeline Union on Russia's Black Sea coast, which exports most of Kazakhstan's oil. Months of conflict in the Middle East have reduced global inventories, exacerbating supply shortages and the risk of wider economic shocks.