Crude oil prices have surged past the $100 per barrel threshold, marking a significant escalation in energy market volatility.
The spike follows reports that Houthi rebels launched attacks on two Saudi tankers in the Red Sea, effectively opening a new front in the ongoing regional conflict.
The incident has reignited fears of a broader supply disruption, pushing markets to price in a potential energy shock.
The immediate market reaction was severe.
Equity markets across major indices tumbled as investors fled risk assets.
The Dow Jones Industrial Average and the S&P 500 both posted sharp declines, reflecting a broad-based sell-off.