JAKARTA - Crude oil prices have broken through the $100 per barrel mark for the first time since May, amid widespread conflict in the Middle East that threatens to further tighten global supplies.
As reported by CNN, Brent crude, which is the benchmark for world oil prices, jumped more than 6% on Thursday, July 23 and briefly touched a level of 100.14 US dollars per barrel before correcting slightly.
Meanwhile, West Texas Intermediate, which serves as a benchmark for US oil prices, rose nearly 5% to $90.98 a barrel.
Concerns about global oil supplies have resurfaced after the Houthi rebels in Yemen targeted Saudi Arabian vessels in the Red Sea, threatening to cut off a vital route for Saudi Arabian oil exports.
According to analysts, the kingdom has been sending around 4 million to 5 million barrels of oil through the Red Sea and Bab al-Mandeb Strait, as an alternative to the Strait of Hormuz. This important route for the global oil market is now threatened, following the Houthi group's claim that they had attacked two Saudi Arabian tankers on Thursday.
Brent crude prices have jumped about $27 a barrel this month, an increase of more than a third of their value. According to FactSet data, the last time oil prices closed above the $100 level was on May 22.
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