Oil Prices Soar Amid Middle Eastern Conflict, Tariffs Expand Globally
The price of Brent crude oil surged to its highest level since May, reaching over $100 per barrel due to ongoing conflict in the Middle East. The increase has a direct impact on everyday people, with higher costs for school supplies and fresh food. Shipping companies like UPS are adding fuel surcharges as a result.
The price spike follows an attack by Iran-backed Yemeni Houthis on two Saudi oil tankers in the Red Sea. The group cited retaliation against Saudi Arabia's siege on Yemen and assaults on the capital's international airport.
In related news, the Trump administration has imposed new tariffs on 59 countries and the European Union. The tariffs have two tiers, 10% and 12.5%, and went into effect at midnight, replacing a 10% global tariff that was struck down earlier this year.