Crude price today: Oil prices have skyrocketed back in triple-digit territory as fresh tensions in the Middle East sent global markets on edge. Brent crude climbed above $100 per barrel on Thursday for the first time since May after Yemen’s Houthi group claimed responsibility for attacking two Saudi oil tankers in the Red Sea, raising worries about oil supplies.The attacks pushed crude prices sharply higher as traders watched for possible disruptions to oil and gas supplies from the region. Around 8 pm IST, Brent crude was trading at $100.79 per barrel, up about 7%, while West Texas Intermediate (WTI) crude rose nearly 6% to $91.83 per barrel.The rally was also reflected in domestic markets, with crude futures climbing nearly 6% during Thursday’s session as investors kept a close watch on developments in the Red Sea.The Houthi group on Wednesday (local time) said that it had targeted two Saudi oil tankers in the Red Sea. The claim came days after Saudi forces carried out strikes on Sanaa airport, further escalating tensions between Riyadh and the Iran-backed group.The renewed conflict has reignited concerns over the safety of one of the world’s key energy-producing regions, with markets closely watching whether the situation could disrupt oil flows.Analysts said the latest escalation in the Red Sea has heightened fears over global energy supplies, making geopolitical risks the key driver of Thursday’s rally. Brent’s return above the $100 mark also ends a period during which the benchmark had remained below that level since May.
Domestic futures track global rally
The surge in international oil prices was mirrored in the domestic market.Crude futures for August delivery on the Multi Commodity Exchange (MCX) climbed Rs 477, or nearly 6%, to Rs 8,887 per barrel as traders increased buying following the renewed attacks in the Red Sea.According to traders, concerns over possible disruptions to energy exports from Gulf nations prompted fresh buying interest in crude contracts.In overseas markets, Brent crude for September delivery gained $6.16, or nearly 7%, to $100.23 per barrel. It crossed the $100 level for the first time since May 15, 2026, when it traded at $100.32 per barrel.WTI crude for September delivery advanced $4.22, or 5%, to $91.05 per barrel on the New York Mercantile Exchange (NYMEX).
Conflict continues to intensify
Analysts said that Brent, which had reached $126 per barrel during the peak of the conflict in April before falling to around $71 at the start of this month, has rebounded sharply as geopolitical tensions resurfaced.They added that crude has registered its fastest monthly gain since disruptions to Gulf oil exports through the Strait of Hormuz earlier this year, with the conflict entering a more dangerous phase over the past 24 hours.According to analysts, the Houthis have moved beyond threatening a blockade of Saudi Arabia to attacking two Saudi oil tankers in the Red Sea, raising concerns over the security of an export route that Riyadh has increasingly relied upon to bypass the Persian Gulf.They also said the US military carried out airstrikes on Iran for the 12th consecutive night on Wednesday, while Tehran responded by targeting US-linked military installations in Kuwait and Jordan.Reacting to the attacks, US President Donald Trump wrote on Truth Social, “Now they (Houthis) are starting up again, shooting at two Saudi Arabian ships last night. Please let this TRUTH serve to represent that if they do this again, the US will hold Iran responsible.”Meanwhile, Goldman Sachs said Brent crude could rise to as high as $120 per barrel by the end of the year if exports through the Strait of Hormuz are not restored.