Brent crude jumps above $98 per barrel, highest in six weeks

Brent crude oil surged more than 4% to trade above $98 per barrel, its highest level in six weeks, as escalating Middle East tensions rattled global energy markets.

The rally was driven by Houthi attacks on Saudi oil tankers in the Red Sea and ongoing US-Iran tensions, raising concerns over potential disruptions to oil supplies. Meanwhile, US benchmark West Texas Intermediate (WTI) also gained sharply, climbing to nearly $89.50 per barrel.