Brent Crude Eyes $100 After Red Sea Tanker Attacks

Oil prices are climbing fast after Iran backed Houthi forces struck two Saudi oil tankers in the Red Sea. Brent crude reached a six week high near $96 on Thursday, marking its fifth consecutive daily gain. The attack creates a serious new supply threat alongside ongoing tensions in the Strait of Hormuz, pushing shipping companies to reroute vessels and face higher insurance costs.

This supply shock matters heavily for financial markets, including crypto. Persistent inflation risks driven by high energy costs often spill over into digital assets, putting pressure on risk on markets. Traders are watching to see if global shipping disruptions continue or if diplomatic efforts manage to cool down the region.

Looking at the charts, Brent has broken past key resistance at the $92 zone and is pressing hard against the psychological $100 barrier. A daily close above $106 could open the door for a bigger move toward $119. On the flip side, losing support at $92 would invalidate the current bullish setup and likely bring relief to commodity and crypto traders alike.