Oil prices jumped 5% to $105.3 a barrel for Brent crude on Thursday, according to The Guardian, driven by two overlapping supply concerns. Middle East tensions escalated after reports that the White House had asked to see options for additional strikes against Iran. Simultaneously, a hurricane threat off the US coast raised production risk in American oil facilities.
The price movement rippled across financial markets. Global bond markets sold off and stocks fell in the wake of the crude spike, The Guardian reported.
Brent crude serves as the international benchmark for oil pricing. A 5% single-day move of this magnitude typically signals market anxiety about near-term supply disruptions rather than long-term demand destruction.