Oil hits $100 as US-Iran strikes and Houthi attacks raise fears over global oil supplies and fuel prices.
Oil prices have climbed to $100 a barrel as fresh US-Iran attacks shake the Middle East. Brent crude, the global oil benchmark, briefly reached $100 before falling to $99.90. It was the highest price since July. The latest rise follows renewed attacks between Washington and Tehran. Yemen’s Iran-backed Houthi rebels have also joined the growing regional tension.
The United States struck five Iranian oil tankers after Iran targeted a US warship. Four vessels were linked to Iran’s Revolutionary Guards Corps (IRGC). Another tanker was hit near Kharg Island, Iran’s major oil export hub. Centcom said the ships were part of a “multi-billion-dollar shadow network”. It claimed the network funds the IRGC and its regional allies. One damaged tanker, M/T Riesco, later sank in the Gulf of Oman.
Meanwhile, Iran fired missiles at a US base in Jordan. Jordan said it intercepted 18 of the 20 missiles. Iran later claimed attacks on two US vessels and eight oil tankers. It also targeted vessels passing through the Strait of Hormuz. The waterway carries about 20% of global oil and liquefied natural gas supplies. As a result, fears of further supply disruptions have pushed oil prices higher.
The crisis has also spread to Saudi Arabia. Houthi drones and missiles reportedly hit energy sites and civilian infrastructure. Saudi authorities said 73 people were injured. Some oil operations were temporarily stopped after fires broke out. US Secretary of State Marco Rubio described the situation as “pretty straightforward”. He said,
“For every time they do that or try to do that, they’re going to lose tankers.”
With tensions still rising, another attack could push oil prices even higher. Higher crude prices could also mean more pain for motorists worldwide.
