Oil Prices Surge Above $100 as Middle East Conflict Fuels Global Fuel Spike

Brent crude and U.S. West Texas Intermediate both rose above $100 a barrel after Houthi‑aligned attacks on Saudi tankers in the Red Sea and Bab el‑Mandeb strait heightened fears of a second major shipping chokepoint closing. The threat to the Red Sea route, together with the long‑standing closure of the Strait of Hormuz, pushed oil markets into a weekly rally – Brent settled at $99.97 and WTI at $91.49, on track for double‑digit weekly gains.

The price surge quickly filtered into consumer fuel costs. In the United Kingdom, the RAC warned that “fuel prices are shooting up like a rocket,” with unleaded petrol edging toward £1.60 per litre and diesel near 180 pence. In Canada’s Alberta province, drivers reported gasoline at C$1.85 L⁻¹, a rise of 28 cents in a month, while U.S. AAA data showed the national average for regular gasoline climbing above $4 per gallon for the first time in weeks. Similar pressures were noted in Mississippi, where the average rose to $4.09 per gallon.

Oil‑producing Kazakhstan announced temporary output cuts after its main Black Sea export terminal was forced to shut, further tightening supply. Japan, heavily dependent on imports, is reassessing its energy security after the closure of the Hormuz route, though ample stockpiles have so far mitigated domestic impacts. Meanwhile, record volumes of crude already “on‑water” – over 1.35 billion barrels – are providing a buffer that may limit further price spikes unless the shipping disruptions deepen.