Oil prices climbed above $100 a barrel on Wednesday for the first time since July. The jump came after new attacks linked to the ongoing US-Iran conflict and Houthi actions in the region.
Brent crude crosses key level
Brent crude, the main global oil benchmark, rose about 2% to trade near $100.70 early in the day. US crude also gained, moving above $94 a barrel. Prices have climbed roughly 25% since early August as hopes for a lasting peace faded.
US strikes Iranian tankers
US forces destroyed five Iranian oil tankers. The action followed Iranian attempts to hit a US Navy warship. The strikes hit vessels in the Gulf of Oman and near a key Iranian oil export hub.
Houthi attacks on Saudi facilities
Iran-backed Houthis launched missiles and drones at Saudi oil sites and cities. Fire broke out at energy facilities.
The attacks raised fresh worries about supply routes. Saudi Arabia has used Red Sea paths as an alternative while the Strait of Hormuz stays disrupted.
Wider supply worries grow
These events add pressure to already tight oil flows from the Middle East. Key shipping lanes face ongoing risks. Analysts note that higher prices could push up fuel costs for drivers and businesses.
Gasoline prices in the US have already risen. Some airlines are cutting flights and raising fares due to expensive jet fuel.
Markets reacted quickly to the news. The latest moves show how fast tensions can lift oil prices. Traders continue to watch for any signs of further escalation or possible talks that could ease the pressure on global supplies.
