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Oil prices rose about 7% on Thursday, with Brent crude exceeding $100 per barrel for the first time in two months, as the United States launched a new round of strikes on Iran, and Yemen's Houthi militants targeted ships in the Red Sea.

Brent crude futures settled up $6.62, or 7.04%, at $100.69 per barrel, while Brent crude had risen more than $3 to $94.07 at the previous session's settlement.

The price of U.S. West Texas Intermediate crude settled up $5.36, or 6.17%, at $92.19 per barrel after rising about 3% on Wednesday, according to Reuters.

The U.S. military said it carried out attacks against Iran for the twelfth consecutive night, hours after U.S. President Donald Trump threatened to destroy a bridge or power plant in Iran each time it fires on a ship in the Strait of Hormuz, escalating tensions in the war.

Iran's Revolutionary Guards said an oil tanker caught fire following an explosion while trying to pass through what they described as a mined route south of the Strait of Hormuz, adding that two other tankers turned back.

A spokesman for Iran's Revolutionary Guards, in a post on X platform, warned shipping companies that the southern route of the Strait of Hormuz is mined.

Meanwhile, an official source at the Saudi Transport General Authority stated that the tanker ENCELIA, belonging to a Saudi company, was targeted while sailing in the Red Sea, resulting in a fire at the ship's bow.

The source confirmed the safety of all crew members and that all relevant authorities have taken all necessary measures to secure the ship and its crew and protect the marine environment.

These attacks constitute a violation of international laws and norms that ensure the safety of commercial ships and their crews.

On the supply side in the United States, the Energy Information Administration said crude oil inventories rose by 2 million barrels last week, refinery utilization rates fell, oil exports declined, while imports rose.

Analysts in a Reuters poll had forecast a 1.1 million barrel decline in crude inventories.

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