Oil prices top $100 as Middle East attacks disrupt supply
Brent crude briefly crossed $100 a barrel after Middle East attacks on tankers and Saudi facilities raised supply concerns.
Oil prices surged past $100 a barrel on Wednesday for the first time in nearly six weeks, as fresh attacks on energy infrastructure and shipping in the Middle East heightened fears of supply disruptions.
The international benchmark Brent crude settled at $97.89 before briefly climbing above the $100 mark in early trading. The spike follows a series of incidents, including U.S. military strikes on five Iranian tankers after an attempted missile attack on a Navy warship, and fires at Saudi oil facilities caused by attacks from an Iranian-backed Houthi rebel group.
The latest escalation threatens to further strain an already fragile supply chain. When crude prices climb, the cost of gasoline, diesel, and jet fuel typically follows, raising expenses for travel and for goods that rely on transportation—such as fresh produce, furniture, and appliances.
Market watchers are now closely monitoring the situation, as continued instability in the region could keep prices elevated and add to global inflationary pressures.