Brent oil hits $100 after surging 7% on Mideast attacks

Dubai: Brent crude jumped as much as 7 per cent on Thursday after Houthi rebels claimed they had struck two Saudi oil tankers in the Red Sea, raising concerns that the Middle East conflict could widen.

Oil prices advanced for a fifth consecutive session. Brent reached an intraday high of $100.78 a barrel, while US benchmark West Texas Intermediate climbed as much as 5 per cent to $91.78. Murban Crude spiked 15% to $105.40 per barrel.

Earlier in the day, Brent futures were up $2.42, or 2.6 per cent, at $96.49 a barrel, their highest level since June 8. The contract had gained more than $3 in the previous session to settle at $94.07, close to a six-week high.