NEW YORK — International crude oil prices rallied sharply on Thursday, with Brent crude briefly touching the $110-per-barrel mark amid mounting fears of severe global supply shortages. The spike comes as a convergence of crises in the Middle East and Eastern Europe threatens critical energy transit routes and production infrastructure.

According to market data from CNBC, Brent crude for December delivery surged 3.7% to settle at $109.86 per barrel, after peaking at $110 during the session. Meanwhile, U.S. benchmark West Texas Intermediate (WTI) for November delivery climbed 3.5% to close at $101.41 per barrel. For the week, WTI posted a dramatic gain exceeding 10%, while Brent advanced nearly 5%.

Middle East Chokepoints Under Fire

The sharp upward pressure on prices is primarily rooted in escalating hostilities across vital Middle Eastern shipping lanes. In the Red Sea region, Yemen’s Iran-backed Houthi rebels maintained relentless assaults on Saudi Arabia. Saudi air defenses successfully intercepted multiple incoming missiles—including one targeting the crucial oil export terminal at Yanbu—along with three drones downed over Riyadh and the country's southern territories.

These ongoing attacks have already begun to impact operations at facilities belonging to Saudi Aramco, the world's top oil exporter.

Simultaneously, the security situation in the Strait of Hormuz has drastically deteriorated. At least nine commercial vessels, including oil tankers and cargo ships, have come under attack since October 11. Highlighting the severity of the crisis, the U.S. Central Command confirmed that Iran sank the Singapore-flagged container ship GFS Pride on October 14.

The United Nations International Maritime Organization (IMO) reported that the latest wave of maritime attacks has resulted in two missing crew members and three injuries. Consequently, crude oil flows through the strait—which had previously rebounded to pre-conflict levels—have plunged. Analytics firm Kpler reported that Hormuz oil shipments dropped to 9.4 million barrels per day in the week leading up to October 14, representing just 70% of the pre-war average.

[Copyright (c) Global Economic Times. All Rights Reserved.]