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Brent Crude Oil Soars Past $100 Amid Middle East Tensions

Guavy AI Editorial Team
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Brent crude oil prices surged to their highest point since May after increased fighting in the Middle East threatened to slow the global flow of crude. The price for a barrel of Brent crude jumped 7% to settle at $100.69, with a high of $102 during the day.

The cause of the increase was attacks on two Saudi oil tankers in the Red Sea, which threatens another avenue that oil companies use to move their crude from the Middle East to customers worldwide, along with the Strait of Hormuz.

President Donald Trump threatened 'major military punishment' against the Houthi rebels in Yemen, who are backed by Iran, if they continue attacking ships.

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