International crude oil benchmarks rallied sharply in early Thursday trade as escalating maritime security risks in the Middle East and hurricane-driven production shut-ins in the United States converged to trigger major supply fears.
According to market data, Brent crude futures surged by $2.28, or 2.28%, to trade at $102.28 per barrel.
Simultaneously, U.S. West Texas Intermediate (WTI) crude futures posted a solid gain of $1.66, or 1.88%, climbing to $89.94 per barrel during the early Asian trading window.
The price surge is driven by heightened risks in the Persian Gulf and Strait of Hormuz, where increased attacks on commercial shipping threaten a critical transit corridor handling roughly 20% of global seaborne crude.
Adding to supply anxiety, U.S. energy firms began precautionary evacuations and platform shut-ins across the Gulf of Mexico as an approaching hurricane threatened offshore production, which accounts for 15% of total domestic crude output.
The simultaneous disruptions followed the latest energy reports showing a drawdown of over 2 million barrels in U.S. crude inventories, signaling tightening commercial stockpiles.
The widening Brent-WTI spread, now exceeding $12 per barrel, underscores a growing risk premium priced into international seaborne shipments compared to landlocked North American crude supplies.
Market analysts warn that persistent geopolitical friction and seasonal weather vulnerabilities could keep oil prices elevated above $100 per barrel, squeezing global refiners navigating already depleted distillate stocks.
