Oil prices hover at six-week high as Middle East shipping risks escalate

Oil prices surged more than 1.5% in Asian trading on Thursday, reaching their highest levels in over six weeks, as renewed geopolitical tensions heightened fears of supply disruptions. Escalating attacks by Yemen's Houthi militants on oil tankers in the Red Sea, alongside fresh U.S. strikes on Iran, fueled concerns over regional energy supplies.

 

Brent crude futures advanced $2.20, or 2.3%, to $96.27 per barrel by 0327 GMT after settling at $94.07 in the previous session, marking their strongest level since early June.