Oil prices surge toward triple digits after Red Sea attacks

Oil prices rose Thursday to their highest level since early June, surging toward triple digits. This increase follows the latest Iran war escalation and attacks in the Red Sea, which threaten severe new disruptions to global supplies. Data from FactSet indicates that global oil prices last settled above $100 a barrel on May 22. The current market trend reflects growing instability as geopolitical tensions continue to impact the availability and pricing of global oil resources.