Brent Crude Oil Price Could Surge to $100 After Iran’s Red Sea Attack
The Brent crude oil price climbed to a six-week high near $96 on Thursday after Iran-backed Houthi forces struck two Saudi tankers in the Red Sea. The attacks pose a second threat to global supply beyond the Strait of Hormuz.
Brent has gained more than 10% this week after a 17.35% surge last week. The charts show price pressing against the $100 mark, where a key Fibonacci level meets strong psychological resistance.
Red Sea Attacks Open a Second Supply Front
Brent rose 1.8% to $95.70 on Thursday, its fifth consecutive daily gain, according to Trading Economics data. The benchmark has climbed almost 30% over the past month and 38% year over year.
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