Oil prices continue to rise, Brent crude registers an 8% increase

Oil prices continued their rise on Thursday, following attacks in the Red Sea that sparked fears of new disruptions to crude supplies, which were already facing near-total paralysis in the Strait of Hormuz.

Around 18:20 GMT, Brent crude, the international benchmark, jumped 8.36% to $101.93 per barrel, having not breached the $100 mark since the end of May. Meanwhile, West Texas Intermediate (WTI), the US counterpart, reached $93.44 per barrel, up 7.61% from Wednesday’s price.