U.S. and Brent crude both "break $100," Middle East conflict expansion sparks supply concerns

BlockBeats news, September 11, according to Bitget market data, oil prices surged over 6% on Thursday, with both US and Brent crude futures rising above $100 per barrel. Brent crude November futures settled up $6.42, or 6.34%, at $107.63 per barrel. WTI crude October futures rose $6.43, or 6.69%, to $102.48 per barrel. Both benchmark crude prices hit their highest levels since May 19 and posted their largest single-day gains in nearly two months.

Reports say Houthi forces seized Yemen's Mokha port on Thursday, potentially further threatening Red Sea shipping. Meanwhile, as attacks on oil tankers in the Gulf region have intensified in recent days, shipping through the Strait of Hormuz remains restricted.

XS Head of Business Development Massabni said Houthi attacks on Saudi energy facilities have introduced a new source of risk to the market, raising concerns that the scope of impact could expand beyond Iran and the Strait of Hormuz. He said the threat is no longer limited to a single key shipping channel, but could lead to cascading disruptions across regional export routes, oil production facilities, and other energy infrastructure.