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Commodities

$100 Oil Prices Surge Amid Ongoing Middle East Tensions

Guavy AI Editorial Team
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Oil
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Oil prices have surged to $100 per barrel for the second time this year, following a series of attacks on Saudi Arabian energy facilities by Yemen's Iran-aligned militant group Houthi.

The recent strikes wounded 73 people in the world's leading oil exporting country and caused significant disruptions to its oil exports. The kingdom exports approximately 400,000 barrels of oil per day.

The current spike in oil prices comes after months of high costs due to ongoing tensions between the US, Israel, and Iran. Brent crude rose by 2.99% to $100.91.

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