Global oil prices have climbed above $100 per barrel, reaching their highest level since July as escalating attacks across the Middle East raise concerns about disruptions to an already fragile energy supply chain.
The international Brent crude benchmark briefly moved above the $100 mark after the United States reported attacks on Iranian oil tankers. At the same time, strikes by Iran-backed Houthi rebels reportedly caused fires at oil facilities in Saudi Arabia, adding further pressure to global markets.
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The surge could quickly affect consumers. Higher crude prices generally translate into more expensive gasoline, diesel and jet fuel, increasing transportation costs and potentially pushing up prices for everyday products.
Why is oil above $100 again?
The main concern is the growing risk to shipments through the Strait of Hormuz, one of the world’s most important oil transit routes.
With tensions showing few signs of easing, energy markets remain highly volatile, and analysts warn that prolonged disruptions could send prices even higher.
