Brent Crude Spikes to $109/Barrel — Highest in Four Months — as Hormuz Attacks and Houthi Port Seizure Rattle Markets

Brent crude surged as high as $109.20/barrel intraday Thursday — its highest level in nearly four months — before easing to close the session up more than 6% around $107.6/barrel; WTI crude jumped 6.7% to close at $102.48/barrel, its highest since mid-May. The rally was driven by the IRGC's claimed strikes on vessels near the Strait of Hormuz a day earlier (including two attempted hits on US Navy ships), compounded by Iran-aligned Houthi rebels seizing control of Yemen's Red Sea port of Mocha, further threatening regional shipping routes. President Trump's remark in Dallas that he was 'not looking for a deal with Iran' also weighed on sentiment. Analysts said the jump raised expectations of near-term inflation pressure from energy costs.