world-economy

Oil Surges Past $100 as Red Sea Tensions Reignite Supply Concerns

Crude oil prices climbed above $100 per barrel this week following reports of attacks on commercial vessels in the Red Sea, reigniting concerns about maritime shipping disruptions. The uptick in crude values comes as Houthi forces claimed responsibility for multiple incidents targeting tankers in the critical waterway, a key transit route for global energy supplies. Meanwhile, U.S. jobless claims fell to their lowest level in nearly six decades, signaling continued labor market stability. This resilient job market may complicate the Federal Reserve's efforts to control inflation, as geopolitical risks to energy supplies push prices higher across the economy.