Oil's $100 comeback: Brent hits a three-month high as Red Sea tensions escalate
Brent crude climbed above $100 per barrel on Thursday, hitting a three-month high for the first time since May.
Yemen's Houthi group claimed responsibility for attacking two Saudi oil tankers in the Red Sea, escalating tensions.
Brent crude traded at $100.79 per barrel, up about 7%, while West Texas Intermediate (WTI) rose nearly 6% to $91.83.
Domestic crude futures on MCX climbed Rs 477, or nearly 6%, to Rs 8,887 per barrel on supply disruption concerns.
Geopolitical risks from the Red Sea conflict have become the primary driver of the oil market surge.
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