Oil Surpasses $100 a Barrel for First Time Since July Amid Rising Tensions in Strait of Hormuz
Oil prices surge past $100 as Middle East tensions escalate, threatening global supply chains and fueling inflation concerns.
POLICY WIRE — City, Country — Oil prices climbed above $100 per barrel for the first time since July as ongoing conflicts in the Middle East sent shockwaves through global markets.
The benchmark Brent Crude reached $100.19 at around 8:15 a.m. on Wednesday before dipping slightly to $99 shortly after. The surge followed renewed violence involving Houthi forces in Yemen, which have targeted key infrastructure in Saudi Arabia, including a major refinery capable of processing 400,000 barrels daily.
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The U.S. military confirmed it destroyed five Iranian tankers attempting to attack a Navy vessel with ballistic missiles. Meanwhile, Iran claimed to have struck two American ships and eight oil tankers in the Gulf, prompting warnings for crews near Kuwaiti and Bahraini ports to abandon their vessels. Analysts warn that these attacks could further strain already fragile energy supplies and push oil prices higher.
Reporting by Policy-Wire (PW)
