Oil surges to $100 per barrel after Red Sea attacks

Oil prices rose Thursday to their highest level since early June after the latest Iran war escalation threatened severe new disruption to global supplies. Brent crude oil rose more than 6% to more than $100 per barrel in early Thursday trading, its highest level in eight weeks since the end of May. U.S. crude oil also jumped for a second straight day, rising more than 5% to almost $92 per barrel, its highest level since June 11.

The surge in prices followed Tehran-backed Houthi rebels claiming attacks on two Saudi oil tankers in the Red Sea, after their announcement of a naval blockade on the kingdom. This marked the first time since the Iran war began that ship attacks had spread beyond the vicinity of the Strait of Hormuz. The Houthi threat is unsettling because millions of barrels per day pass through the Bab el-Mandeb strait. About 12% to 15% of global maritime trade worth more than $1 trillion transits the waterway every year. Since the start of the month, oil prices have risen about 35%, and are now higher by more than 60% since the start of the year. The national average gas price Thursday rose to $4.09 per gallon, up from $4.06 Wednesday, according to motor club AAA data tracked by NBC News. This erased much of the progress toward lower prices that came after the United States and Iran signed a memorandum of understanding in mid-June.