Oil prices experienced a sharp jump of roughly 2% on Thursday, reaching a five-month peak as escalating Houthi attacks in Saudi Arabia triggered widespread anxiety regarding global energy security. Brent crude surged past $111 a barrel, while U.S. West Texas Intermediate saw steady gains, pushing Brent into overbought territory once again. The market remains rattled by reports of infrastructure strikes and potential shipping bottlenecks, with analysts suggesting that these geopolitical pressures will likely keep energy costs elevated through the upcoming U.S. midterm elections.

Beyond the immediate conflict in the Middle East, global supply chains are facing additional stress from ongoing volatility in Eastern Europe and North Africa. While major refiners like Valero Energy are reporting record profits due to these supply disruptions, the broader energy market remains caught in a tug-of-war between production levels and international sanctions against Russia. Meanwhile, technical issues in Libya have further curbed output, compounding the sense of uncertainty as nations scramble to manage energy imports and navigate the potential for shifting geopolitical alliances in the coming months.