Oil prices rose to their highest levels in two months, after Brent crude touched $100 a barrel, following a Saudi tanker being targeted in the Red Sea, a new escalation that increases fears about global supply disruptions.

The development comes at a time when shipping through the Strait of Hormuz remains affected by military tensions between the United States and Iran, while the Bab el-Mandeb route has become a key outlet for oil exports during the crisis.

The decline in hopes for peace talks between Washington and Tehran also contributed to boosting fears of a prolonged conflict, pushing oil prices higher.