FX.co ★ Brent Rises to 7-Week High

Brent crude oil jumped 4% to about $97.9 a barrel on Thursday, its highest level since June 3, after new attacks on oil tankers near Saudi Arabia and fresh US threats against Iran intensified concerns over potential supply disruptions. The UK Maritime Trade Operations agency reported that a tanker caught fire after being hit roughly 70 nautical miles southwest of Al Shuqaiq. Yemen’s Houthi rebels claimed responsibility, stating they had targeted two Saudi tankers with drones and missiles for allegedly violating their maritime blockade. The attack occurred just hours after President Donald Trump warned that the US would strike an Iranian bridge or power plant in response to any future Iranian attacks on vessels in the Strait of Hormuz, marking a further escalation following the breakdown of the US-Iran ceasefire. Iran, in turn, warned it would retaliate against US-linked infrastructure and energy assets across the region if Washington carried out its threats.