FX.co ★ Crude Oil Extends Gains for 5th Session

Crude oil jumped 5% to above $91 per barrel on Thursday, marking a fifth straight session of gains and the highest level since June 8, as escalating geopolitical tensions deepened concerns over global supply. Iran-backed Houthi militants claimed responsibility for attacks on two Saudi oil tankers in the Red Sea, describing the strikes as enforcement of a newly declared blockade of Saudi ports. The incidents heightened fears of further disruptions to regional shipping, prompting some Asian buyers to consider longer and more expensive alternative routes. Supply risks were further amplified by continued attacks on vessels in the Strait of Hormuz, renewed US strikes on Iran, and Kazakhstan’s decision to suspend crude exports via the Caspian Pipeline Consortium terminal following drone attacks. At the same time, Washington and Tehran continued to rule out near-term peace talks, reinforcing expectations that geopolitical tensions could keep oil prices elevated.