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The Economic Times
The Economic Times
Business

Oil surges 5%, Brent and US crude both over $100 on more tanker attacks

ING United States Oil Iran OPEC

Oil prices jumped 5% on Thursday, with both major benchmarks trading at over $100 a barrel as the biggest spike in attacks on shipping since the Iran war began fed worries about further disruptions to already tight supplies.

Brent crude futures ‌were up $5.39, or 5.33%, ⁠at $106.60 a ⁠barrel by 11:49 a.m. ET (1549 GMT). U.S. oil topped $100 a barrel for the first time since May as West Texas Intermediate crude futures rose $5.16, or ​5.37%, to $101.21.

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