Oil prices surged to $100 a barrel on Thursday, marking the first time since May, due to attacks by Iranian-backed Houthi militants in the Red Sea. Brent crude, the international benchmark, rose 6.6% to $100.28, escalating fears of further supply squeezes and a potential global inflation shock.

The rally accelerated after the Houthis claimed responsibility for attacking two Saudi Arabian tankers, following their earlier imposition of a maritime blockade. "This is the perfect hurricane for the market," said Arne Rasmussen, chief analyst at Global Risk Management, citing escalating rhetoric and the Red Sea attacks.

The targeting of Saudi ships raises concerns about the Houthis potentially closing the Bab al-Mandab Strait, a vital route for Saudi oil exports. This surge revives pressure on central banks to address inflation and could impact US President Donald Trump ahead of midterm elections. Helima Croft of RBC Capital Markets noted that prices could exceed previous highs, potentially reaching $139 or even $146.