The price of oil surged to $108 per barrel Thursday evening, according to market data tracked by The Zioneer, as renewed geopolitical tensions stoked supply concerns.
Oil prices surged to $108 per barrel Thursday evening, according to market data tracked by The Zioneer, marking a new high in a rally that has gathered pace over recent days. The jump extends a series of sharp increases driven by renewed geopolitical tensions, including developments in the Bab el-Mandeb Strait and the Strait of Hormuz.
The latest rise builds on a sequence of milestones reported earlier this week. On Wednesday, Brent crude crossed $100 per barrel for the first time since July, as The Zioneer reported. By Thursday afternoon, prices moved through $102 (ynet), $103, $105 (N12 and Israeli media), and reached $106 (i24NEWS) before advancing to the current $108 level. Earlier this summer, oil had already topped $100 after Houthi attacks on Saudi vessels in the Red Sea, as The Zioneer reported on July 24. Background context shows Brent crude at $88 per barrel on July 18 amid Iran tensions.
The rapid escalation reflects mounting concerns over supply disruptions. Houthi attacks on Saudi energy facilities and shipping in the Bab el-Mandeb Strait, along with broader Middle East tensions, have contributed to the sustained rally. The Zioneer has reported on these developments throughout the week.
The specific benchmark (Brent or WTI) for the $108 figure was not stated in the initial alert. Traders are monitoring whether prices will continue to climb as the situation evolves.
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