Oil prices surge for fifth straight day. Brent climbs back above USD 100

The price of North Sea Brent crude rose above the psychologically important threshold of USD 100 a barrel today for the first time since May. Analysts say the main reason is the ongoing conflict between the United States and Iran, which threatens routes vital for oil shipments.

The nearest Brent futures contract climbed as high as USD 100.23, according to data on the Investing.com website, before giving up some of its gains. Shortly after 15:30 CEST, it was up 5.8 percent and trading just below USD 99.50. US light crude WTI was up 4.7 percent at the same time, trading near USD 91. Oil prices have risen for a fifth consecutive trading day.

Alongside the renewed conflict over control of the Strait of Hormuz, Yemen’s Houthi rebels have opened a new front by attacking Saudi oil tankers in the Bab al-Mandab Strait and attempting a naval blockade of Saudi Arabia. The Houthis are aligned with Iran.