Oil prices surged to $106 per barrel on Thursday evening, according to Amichai Stein (i24NEWS), amid developments in the Bab el-Mandeb Strait and the Strait of Hormuz.
Oil prices jumped to $106 per barrel on Thursday evening, according to journalist Amichai Stein (i24NEWS), following reported developments in the Bab el-Mandeb Strait and the Strait of Hormuz. The new milestone extends a multi-day rally that has seen benchmarks repeatedly cross fresh thresholds amid escalating tensions in the region.
The Zioneer reported on Tuesday (Sep 8) a series of rapid price movements: oil crossed the $100 mark, then surged to $101, $102, and $103 per barrel over the course of the day, before briefly retreating toward $100. Later on Tuesday, benchmarks broke above $105 per barrel for the first time since May. The rally has been driven by ongoing disruptions to critical maritime chokepoints, with Houthi attacks on Saudi energy facilities and Iranian threats to the Strait of Hormuz.
As The Zioneer previously reported, the Strait of Hormuz saw near-total standstill in July after Iran declared its closure, sending oil above $85. The US Treasury revoked Iranian oil export authorization following tanker attacks. The Bab el-Mandeb route has also faced repeated Houthi attacks on vessels. The broader context is the ongoing US-Iran confrontation, which has tightened global energy markets throughout the summer.
Details of the latest developments in the two strategic waterways remain unclear. The precise trigger for Thursday's jump to $106 has not been independently verified.
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