Brent crude futures climbed to $96.27 a barrel, marking the highest level since June 8, as renewed attacks on tankers in the Red Sea intensified supply chain concerns.
The price surge reflects growing market anxiety over potential disruptions to key shipping routes, with traders pricing in the risk of further logistical bottlenecks in the region.
Simultaneously, spot gold prices extended their recent gains, reaching a two-week high of $4,065.
The escalation in maritime security threats has prompted a repricing of energy risk premiums.
Investors are closely monitoring the situation for any signs of broader route closures or insurance cost spikes that could further tighten global supply.
The move underscores the vulnerability of energy markets to geopolitical instability in critical chokepoints.
Simultaneously, spot gold prices extended their recent gains, reaching a two-week high of $4,065.61 an ounce in Asian trading.