Oil Prices Surge Above $98 on Supply Fears

Oil prices surged to their highest level since early June, with Brent crude nearing $100 a barrel, after Iran-aligned Houthi militants attacked Saudi oil tankers in the Red Sea.

The attacks compounded existing supply disruptions from the near-closure of the Strait of Hormuz, a critical chokepoint for global oil shipments.

Stock markets extended losses for a fourth day, and a global bond sell-off intensified as investors priced in higher energy costs and inflation risks.

The spike in oil prices threatens to derail central banks’ efforts to control inflation and could force further interest rate hikes.