Oil prices jumped 5% today, Thursday, and both crude oils exceeded $100 per barrel, amid traders’ fear of exacerbating the disruption of supplies that are already in scarcity, after the largest escalation in attacks on shipping traffic since the outbreak of the war with Iran led to an increase in these fears. Brent crude futures rose $5.39, or 5.33%, to $106.60 per barrel by 15:49 GMT. US West Texas Intermediate crude oil increased $5.16, or 5.37%, to $101.21 per barrel, exceeding $100 per barrel for the first time since May. Brent prices jumped by more than 30% compared to the low levels recorded in early August, with no permanent agreement reached between the United States and Iran to end the war and resume hostilities. The Houthis, allied with Iran in Yemen, took control of the Yemeni coastal city of Mokha today, which in turn posed another threat to shipping traffic in the Red Sea. Traffic in the Gulf region through the Strait of Hormuz remains limited at a time when attacks on tankers in the region have escalated over the past few days. Simon-Peter Massabney, director of business development at He added that the threat is no longer limited to one strait and now includes the possibility of a disruption that would have an impact on the region's export routes, oil production sites, and other energy infrastructure. The Houthis, allied with Iran in Yemen, took control of the Yemeni coastal city of Mokha today, which in turn posed another threat to shipping traffic in the Red Sea. Traffic in the Gulf region through the Strait of Hormuz remains limited at a time when attacks on tankers in the region have escalated over the past few days. Simon-Peter Massabney, director of business development at He added that the threat is no longer limited to one strait and now includes the possibility of a disruption that would have an impact on the region's export routes, oil production sites, and other energy infrastructure. They added that the continued recovery of Chinese purchases will amplify the impact of any disruption in supplies and push prices higher, but the decline in imports may limit market gains. “The pessimistic forecasts for months have been based on weak Chinese demand,” said David Gorbinaz, director of global oil markets at commodity information company ICIS. On Thursday, the Organization of the Petroleum Exporting Countries (OPEC) reduced in its monthly report its expectations for growth in global oil demand in 2026 to 380,000 barrels per day, the fifth downward revision in a row. A survey conducted by Reuters showed that OPEC's oil production declined by 640,000 barrels per day in August, as Saudi exports were affected by new unrest resulting from the Iran war, and an American blockade caused a reduction in Iranian oil shipments.