Global oil prices surged above $100 per barrel on Thursday for the first time in nearly two months as escalating attacks on commercial vessels in the Red Sea intensified concerns over prolonged disruptions to crude supplies along key global trade routes.

Brent crude, the international benchmark, climbed more than seven per cent to $100.69 per barrel in mid-morning trading after hitting an intraday high of $101.01.

Oilprice.com reported that US West Texas Intermediate also recorded significant gains, while the entire Brent forward curve strengthened as traders priced in rising risks to global oil supplies.

The latest rally came after Yemen’s Houthi rebels claimed responsibility for attacks on two Saudi oil tankers in the Bab el-Mandeb Strait, following their announcement earlier in the week of a naval blockade targeting Saudi oil exports.

The reported attacks forced several commercial vessels to reroute or delay their passage through the strategic waterway, raising concerns over Saudi Arabia’s key export corridor, which is used to avoid disruptions in the Strait of Hormuz.

The escalation has heightened fears that the Middle East supply crisis is spreading beyond Hormuz, putting two of the world’s most critical oil shipping routes under simultaneous pressure.

Brent crude has surged by about 20 per cent over the past two weeks as repeated attacks on commercial shipping, renewed hostilities involving Iran and mounting disruptions to oil exports have dashed earlier expectations that geopolitical tensions would ease quickly.