Crude Oil Tops $100 a Barrel as US-Iran Tensions Escalate
Crude oil prices surged past $100 a barrel for the first time since May 20, 2026, as tensions in the Middle East continued to escalate. The U.S. West Texas Intermediate (WTI) crude futures expiring in September rose 7.13%, hovering around $100.73 a barrel.
President Donald Trump issued a new threat to Iran following attacks by Houthi rebels on Saudi Arabian tankers in the Red Sea, causing the Dow Jones Industrial Average (DJIA) to fall over 500 points and the Nasdaq Composite to decline over 2%.
U.S. Secretary of State Marco Rubio told reporters that Iran 'suckered' the Houthi rebels into attacking the Saudi tankers on Wednesday, echoing Trump's views that the Houthis had largely been smart throughout the ongoing Iran war by staying out of hostilities.