Brent crude tops $112 a barrel, highest since May

Oil prices surged during Thursday trading to their highest levels since last May, driven by concerns over an expanding conflict in the Middle East following new attacks targeting Saudi Arabia, amid fears of worsening disruptions to crude oil supplies from the region.

Brent crude futures rose by $3.35, or 3.08%, reaching $112.17 a barrel by 08:18 GMT, after touching $112.55 earlier in the session, marking the highest price since May 18.

US West Texas Intermediate crude futures also climbed $2.68, or 2.76%, to $99.83 a barrel.

Tamas Varga, oil analyst at BVM, said efforts to contain tensions in Ukraine and the Middle East lack credibility, noting that reports of Middle East oil exports surpassing pre-conflict levels are offset by attacks on ships in the Strait of Hormuz and Houthi strikes targeting Saudi Arabia and its oil infrastructure.

Varga added that oil prices may remain elevated in the absence of expectations for easing tensions before the US midterm elections.

Meanwhile, Morgan Stanley analysts estimated in a note that Middle East crude oil exports reached about 17 million barrels per day last week.