Brent Crude Surges Over 6% Past $108 a Barrel Amid Hormuz Escalation

Brent crude, the international benchmark, jumped more than 6% in Thursday afternoon trading, surging above $108 a barrel before paring gains, after Iranian forces said they targeted U.S.-linked vessels near the Strait of Hormuz and Houthi rebels seized the Yemeni port city of Mocha. West Texas Intermediate futures also closed above $102 for the first time since May.

Why this matters. The price spike signals traders pricing in a real risk of further Hormuz shipping disruption, raising fuel costs for consumers and pressuring central banks already weighing Middle East-driven inflation.