Oil Prices Soar Past $100 a Barrel Amid Middle East Tensions
The price of oil surged past $100 a barrel on Wednesday, its highest level in more than six weeks, after US military strikes destroyed five Iranian tankers and Houthi attacks set oil facilities ablaze in Saudi Arabia.
The U.S. Central Command said the strikes followed attempted Iranian missile attacks on a Navy warship, which were thwarted by American forces directing the crews to abandon ship before striking and rendering the vessels inoperable.
The military officials stated that Iran used the vessels as part of a multibillion-dollar shadow network that funds the Islamic Revolutionary Guard Corps and its regional proxies. Secretary of State Marco Rubio noted that 'behind some of this is clearly the Iranian hand.'
As a result, Brent crude, the international benchmark, rose 2.4% to $100.29 a barrel, while US benchmark crude gained 1.9% to $94.77 a barrel.