Brent crude oil price surges past $100 as Houthi tanker attacks in Red Sea rattle markets

Brent crude oil price surged past $100 per barrel after Tehran-backed Houthi rebels claimed attacks on two Saudi oil tankers in the Red Sea, widening the conflict beyond the Strait of Hormuz. Oil prices have risen about 35% since the start of the month and are up more than 60% year-to-date, with US gasoline prices also climbing to $4.09 per gallon. The surge has lifted the US 10-year Treasury yield to 4.67%, its highest since January 2025, stoking fresh inflation concerns and erasing the relief from the earlier US-Iran memorandum of understanding.