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

Brent crude surged 5.33 percent to 106.60 dollars a barrel while US WTI rose 5.37 percent to 101.21 dollars, crossing 100 dollars for the first time since May, as escalating tanker attacks in the Strait of Hormuz and Houthi seizures in Yemen intensified supply disruption fears. Brent has gained over 30 percent from early August lows amid renewed US-Iran hostilities, with OPEC cutting its 2026 global demand growth forecast to 380,000 barrels per day (the fifth straight downward revision) and August output falling 640,000 bpd. Higher crude prices pose risks to India as a major oil importer, widening the current account deficit and pressuring margins in oil-consuming sectors such as aviation, paints and lubricants.