Oil prices rise as Brent stays above $96

Oil prices rose by about 2% on Thursday, reaching their highest levels in over six weeks amid escalating tensions in the Gulf region. Houthi militants attacked oil tankers in the Red Sea and threatened to target vessels transporting Saudi oil through the Bab el-Mandeb Strait, while the United States carried out a new round of strikes on Iran. This heightened fears of disruptions to vital oil supplies. As a result, Brent crude prices surged to over $96 per barrel, the highest since June, amid increasing tensions over control of the Strait of Hormuz and the security situation in the region.

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