Oil prices surge nearly 4% as fresh tanker attacks spark fears of global supply disruptions

Oil prices surged to more than 3% Thursday as fresh attacks on tankers renewed concerns about disruptions to global oil supplies.

Brent crude futures settled up $3.67, or 3.88%, at $98.29 a barrel, while U.S. West Texas Intermediate crude rose $2.40, or 2.72%, to close at $90.52 a barrel, Reuters reported.

Both benchmarks had plunged more than 8% Wednesday to their lowest levels since August, driven by expectations that Republican losses in the midterms could reduce the risk of further escalation in the Iran war.

Maritime security reports sparked market anxiety, with the United Kingdom Maritime Trade Operations (UKMTO) reporting five attacks on vessels in the Middle East region since Sunday, keeping shipping lanes on high alert.