Oil surges past $100 in a first since May as Middle East conflicts rage

oil prices rise for a fifth day after Yemen’s Houthis say they struck Saudi Arabian oil tankers in the Red Sea.The widening conflict in the Middle East has pushed the price of benchmark Brent crude past $100 for the first time since May, the highest in nearly two months.oil prices increased for a fifth day on Thursday after Yemen’s Houthis said they struck Saudi Arabian oil tankers in the Red Sea amid escalating violence between Iran and the United States.Recommended Stories list of 4 itemslist 1 of 4How shipping insurance rates are rising, as Hormuz, Bab al-Mandeb shut downlist 2 of 4Yemen faces a new challenge amid prospects of confrontationlist 3 of 4Yemen’s Houthis claim attack on two Saudi oil tankerslist 4 of 4Iran, Gulf hit as Hormuz, Bab al-Mandeb close: What’s the latest?end of listThe latest attacks by the Houthis risk further disrupting global oil shipping as the Red Sea is another strategic waterway that oil companies use to transport their crude from the Middle East as the Strait of Hormuz – a key route for global energy shipments – remains effectively closed.The prospect of higher oil prices also raises the possibility of higher inflation and interest-rate hikes, adding to weak sentiment, analysts said.“Investors are in a wary mood… as fresh jitters of worry about the ongoing energy crunch hit sentiment,” said Susannah Streeter, chief investment strategist at Wealth Club.“With both the Strait of Hormuz and the Red Sea now under increasing pressure, markets are bracing for the possibility that the conflict could disrupt key energy routes, [and] keep oil prices elevated,” she added.Amid renewed conflict between Iran and the US, Yemen’s Houthis have potentially opened a new front in the war by targeting vessels carrying Saudi oil in the Bab al-Mandeb strait after warning of a naval blockade on shipments from Saudi Arabia.The Houthis attacked two Saudi Arabian oil tankers in a military operation, the Yemeni group said on Thursday, with a Saudi news agency later confirming one of the two vessels was ablaze after an assault while sailing in the Red Sea.