Middle East Attacks Send Oil Prices Soaring Above $100
Oil prices surged on September 9 as ongoing attacks in the Middle East fueled concerns about supply disruptions. The Brent crude futures price jumped 1.4% to $99.33 a barrel, while U.S. West Texas Intermediate crude rose 1.4% to $94.34.
The current tensions have seen oil prices climb approximately 25% since early August as fighting continues and hopes for a lasting peace fade. Yemen's Iran-backed Houthis struck Saudi cities and energy facilities on September 8, while U.S. forces also hit Iranian oil tankers, and Iran said it had targeted an American base in Jordan.
Saudi Arabia has diverted some oil exports away from the Strait of Hormuz, but analysts warn that sustained attacks on the kingdom could complicate efforts to maintain shipments to global markets.