Oil prices jumped more than 6% on Thursday, pushing both major crude benchmarks back above $100 a barrel, according to Bitget market data cited by BlockBeats on Sept. 11. Brent crude for November settlement rose $6.42, or 6.34%, to close at $107.63 a barrel, while West Texas Intermediate for October delivery gained $6.43, or 6.69%, to settle at $102.48. Both benchmarks reached their highest levels since May 19 and posted their biggest one-day gains in nearly two months.
The move came as supply risks in the Middle East intensified. Reports said the Houthis took control of Yemen's port of Mokha on Thursday, a development seen as a potential threat to Red Sea shipping. At the same time, shipping through the Strait of Hormuz remained constrained as attacks on oil tankers in the Gulf region increased over recent days. XS business development head Massabni said Houthi attacks on Saudi energy facilities introduced a new source of risk for the market, widening concern beyond Iran and the Strait of Hormuz to regional export routes, oil production sites and other energy infrastructure.
Oil prices surged more than 6% on Thursday, lifting both U.S. and Brent crude futures above $100 a barrel, according to Bitget market data cited by BlockBeats on Sept. 11.
Brent crude for November settlement climbed $6.42, or 6.34%, to close at $107.63 a barrel. West Texas Intermediate crude for October delivery rose $6.43, or 6.69%, to settle at $102.48 a barrel.
Both benchmark contracts hit their highest levels since May 19 and posted their largest single-day gains in nearly two months.
Supply fears grow as regional tensions rise
Reports said the Houthis took control of Yemen's port of Mokha on Thursday, a move that could increase risks to Red Sea shipping. At the same time, shipping through the Strait of Hormuz remained restricted as attacks on oil tankers in the Gulf region intensified over the past several days.
Massabni, head of business development at XS, said Houthi attacks on Saudi energy facilities had created a new source of risk for the market and expanded concern beyond Iran and the Strait of Hormuz.
He said the threat was no longer limited to a single critical shipping route, but could trigger broader disruptions across regional export routes, oil production facilities and other energy infrastructure.
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