Oil prices surge to $100 per barrel after Red Sea attacks

European and U.S. crude oil both jumped, hitting their highest levels in weeks.

Oil prices rose Thursday to their highest levels in nearly two months after the latest Iran war escalation threatened severe new disruptions to global energy supplies.

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Brent crude oil, one of two key global benchmarks, closed higher by 7%, at $100.69 per barrel. Earlier in the trading day, it rose as high as $102 per barrel. That is its highest level in eight weeks, since the end of May.

U.S. crude oil also jumped for a second straight day, closing higher by 6.2%, at $92.19 per barrel — its highest close since June 4.