$100 Oil Prices Soar Amid Houthi Attack on Saudi Tankers

Global oil prices surged to over $100 a barrel on Thursday for the first time since May, following reports of a Houthi militant attack on two Saudi tankers in the Red Sea. The strike, which came amidst ongoing tensions between the United States and Iran, threatened to exacerbate an already significant oil shock.

Brent crude futures briefly topped $100 a barrel before dipping to $99.70, marking a 28% increase over the past month. This price hike has major implications for energy costs, with the average price of a gallon of gas currently standing at $4.09, according to AAA.

The jump in oil prices follows a reversal in the Iran war agreement, which had previously led to a decline in crude costs. However, the recent resumption of large-scale fighting between the U.S. and Iran has imperiled that deal, leading to increased uncertainty in the global energy market.